WallStreetBets may have just found its next GameStop Corp.
Individual investors who hang out on the popular Reddit Inc. investing forum have been piling into shares of a little-known technology company, sending its stock catapulting higher. Shares of MicroVision Inc., a developer of laser-beam scanning technology, have more than doubled in the past week.
The recent surge builds on a stunning rally for the Redmond, Wash.-based company, which has rallied more than 8,000% in the past year after trading in April 2020 for less than $1. The stock closed Monday above $26 after rising 47% on the day. It pulled back Tuesday, recently trading about 17% lower.
The rapid move marks the latest example of individual investors’ growing influence in the market—and is reminiscent of GameStop’s stunning rise earlier this year. In circumstances similar to the saga surrounding the videogame retailer, much of the interest surrounding MicroVision recently has originated on WallStreetBets and then rippled across social media.
The company didn’t immediately respond to a request for comment.