MVIS - Why MicroVision Stock Was Down This Week
2023-06-16 10:05:00 ET
MicroVision (NASDAQ: MVIS) shareholders endured a volatile trading week this week that ultimately led to negative returns. Shares of the computer vision tech specialist were down 25% through Thursday trading, according to data provided by S&P Global Market Intelligence . The wider market rallied nearly 3% in that time. Yet MicroVision is still up by over 100% so far in 2023 compared to a 15% spike in the S&P 500 .
This week's drop came as the company announced -- and then withdrew -- plans to raise capital through a new public stock offering.
The offering news arrived on Tuesday, and initially sent shares lower. MicroVision said in that announcement that it was aiming to raise roughly $75 million by issuing more stock. The offering made sense given that shares have jumped so far in 2023 even as interest rates have risen. Still, Wall Street reacted to the prospect of dilution by sending the stock lower.
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Why MicroVision Stock Was Down This Week