Stock Update (NASDAQ:MVIS): Microvision, Inc. Announces Proposed Public Offering of Common Stock
Microvision, Inc. (NASDAQ:MVIS), a leader in innovative ultra-miniature projection display and imaging technology, today announced that it intends to offer to sell, subject to market and other conditions, shares of its common stock in an underwritten public offering. Northland Capital Markets will act as underwriter in the offering.MicroVision also expects to grant the underwriter a 30-day option to purchase additional shares of common stock equal to up to 15% of the aggregate number of shares to be sold in the offering to cover over-allotments, if any. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the final size or terms of the offering. MicroVision intends to use the net proceeds from the offering for general corporate purposes. (Original Source)
Shares of Microvision are down nearly 6% in after-hours trading. MVIS has a 1-year high of $4.02 and a 1-year low of $1.65. The stock’s 50-day moving average is $2.65 and its 200-day moving average is $2.79.
On the ratings front, Microvision has been the subject of a number of recent research reports. In a report issued on March 9, Oppenheimer analyst Andrew Uerkwitz maintained a Hold rating on MVIS. Separately, on December 17, H.C. Wainwright’s Kevin Dede initiated coverage with a Buy rating on the stock and has a price target of $3.50.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Andrew Uerkwitz and Kevin Dede have a total average return of 3.4% and -8.2% respectively. Uerkwitz has a success rate of 52.9% and is ranked #686 out of 3760 analysts, while Dede has a success rate of 35.7% and is ranked #3327.
Microvision Inc is engaged in developing its proprietary PicoP display technology. Its technology can be used to create high-resolution miniature laser display and imaging engines.