Microvision, Inc. (NASDAQ:MVIS) stock is having a wonderful day as the stock has erased all of its morning falls and now trading higher. This morning, the stock continued its recent downtrend and fell as much as 7.50%, and late morning session the stock saw some sudden buying.
At the time of writing, MVIS stock is trading higher by 7.72% at $14.93 after hitting a high of $15.83.
The stock had corrected about 50% from its last week’s high of $28 as recent earnings made investors nervous.
During the first quarter, revenue came in at $0.5 million, down 2/3rd from a year ago quarter revenue of $1.5.
Moreover, Net loss during the quarter stood at $6.2 million, or 4 cents a share, compared to a net loss of $4.9 million, or 4 cents a share for the first quarter of 2020.
Microvision’s has $75.3 million in cash and cash equivalents, compared to $16.9 million at the end of the fourth quarter of 2020.
MVIS stock is still up 185% so far this year and 1300% over the past year.