H.C. Wainwright analyst Kevin Dede reiterated a Buy rating on Microvision (NASDAQ: MVIS) today and set a price target of $3.50. The company’s shares closed on Friday at $1.08, close to its 52-week low of $0.89.
“Catching up on recent developments. Last week in New York, MicroVision presented at the 20th Conference sponsored by H.C. Wainwright, discussing involvement with high-profile technology brands such as Google/Alphabet Inc. (GOOGL; not rated) and Amazon Inc. (AMZN; not rated) in adding interactive touch capabilities to projected images that eminate from smart speaker systems. Smart speaker systems, part of the growing home automation consumer electronics segment, are manufactured and marketed by Amazon and Google while other large brands, such as Apple Inc. (AAPL; not rated), are also contesting the space. We had understood that some large household name brands were surveying MicroVision’s technology, but we think that the relationships may have taken an important step toward deeper collaboration at this juncture.”
According to TipRanks.com, Dede is ranked 0 out of 5 stars with an average return of -10.1% and a 41.9% success rate. Dede covers the Consumer Goods sector, focusing on stocks such as SuperCom, Resonant, and eMagin.
Currently, the analyst consensus on Microvision is a Moderate Buy with an average price target of $4.
Based on Microvision’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $8.46 million. In comparison, last year the company had a GAAP net loss of $5.49 million.
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MicroVision, Inc. engages in the development of laser beam scanning technology. It offers its product under the PicoP brand. PicoP offers Pico projection or interactive Pico projection; three-dimensional sensing for automotive and industrial applications; augmented or virtual reality; and head up displays for automobiles.