NASDAQ: MVIS stock price shed 4% it opened trading at $2.82, lowering to $2.68; it hit a high of $2.83 and closed at $2.70 with an intraday trading volume of 2.469 Million.
In the 52 weeks time frame, MVIS share’s highest traded price was $8.20, and its lowest traded price was $1.81. MicoVision, Inc. has an average market capitalization of $507.015 Million, and its share average trading volume is 2.722 Million.
Over the past three trading sessions, sellers have been more aggressive, which helped them pull MVIS stock price downwards. At press time, MicroVision, Inc., stock was trading 48.15% lower than its annual price target of $4.
MVIS Stock Price Analysis
Technical analysis shows that MVIS stock fell steadily since August 1. On August 1, the company’s stock opened above the closing price of July 31.
At the start of August, MVIS stock was trading at around $4, but the selling pressure disrupted the stock price, and at press time, the stock was trading in the range between $2 and $3.
Several market analysts claim that sellers will remain active until the end of the week, and sellers’ dominance might drag MVIS share price near the immediate support level of $2.28 and the next possible support of $1.91.
If the buyers dominate sellers on the August 17 trading session, the price might face the resistance level of $3.32 followed by $3.81.
It’s crucial to note that MVIS stock lost more than 10% of its trading price over the week and over approximately 35% in a month. In the pre-market session, MVIS shares opened 1.85% higher than the closing price of August 16.
According to TradingView, 185 Million MicroVision, Inc shares are free-floating, and the remaining 1.834 Million shares are closely held by the company’s financial backers or the board of directors.
MicroVision, Inc Earnings & Revenue
In Q1 2023, MicroVision, Inc. was supposed to report $500k in revenue. However, the company impressed investors as the company reported 56.40% more revenue than estimated. Despite profits in Q1, the company reported 58.88% less revenue in Q2 2023. However, its estimated revenue was $800k.
Following Q2 2023 negative revenue, earnings per share of MicroVision, Inc. dropped more than 20% than estimated figures.
Technical Levels
Support Levels: $2.28 and $1.91
Resistance Levels: $3.32 and $3.81
Conclusion
MVIS stock lost 10% of its trading price in the weekly time frame which is probably due to the negative revenue and EPS in Q2 2023. As per analysts, a reversal might be seen by the end of the upcoming week. There is no sign of bullishness this week.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/08/17/buyers-failed-to-control-the-decline-mvis-stock-lost-10/