Sign In  |  Register  |  About Santa Clara  |  Contact Us

Santa Clara, CA
September 01, 2020 1:39pm
7-Day Forecast | Traffic
  • Search Hotels in Santa Clara

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

Here’s why MicroCloud Hologram (HOLO) stock price is soaring

By: Invezz
Wall Street With United States Flag

MicroCloud Hologram (NASDAQ: HOLO) stock price has gone parabolic this week, making it one of the most popular assets in Wall Street. It jumped by over 17% on Monday and over 32% in the pre-market session. This surge has pushed its total market cap to over $12 million.

Despite the surge, MicroCloud remains sharply below its all-time high. It was trading at $2.65, down from its all-time high of $350, meaning that investors have lost over $1 billion in value in this period.

The main reason why HOLO stock is surging is that it is the second most shorted company in Wall Street after SunPower. It has a short interest of 75% while SunPower has 92%. 

Therefore, the stock is soaring because of the ongoing meme stock season, which has led to a sharp rise of many highly shorted companies. AMC stock price soared by over 78% on Monday and is up by 77%. 

Similarly, SunPower, the most shorted stock in the US, rose by 20% on Monday and by 65% in the pre-market. Other heavily-shorted companies like Children’s Place, Beyond Meat, ImmunityBio, and Trupanion have also surged.

For starters, MicroCloud Hologram is a small Chinese company that is using the holographic technology to create solutions in the LiDAR technology. Its solutions are bought by leading OEMs like in the automotive industry. 

However, its business has been under pressure in the past few years. Its revenues crashed from over $70 million in 2022 to about $28 million in 2023. It also reported a net loss of $11.5 million in 2023 after making $19.8 million in the previous year. 

The next crucial catalyst for the HOLO stock price will be its financial earnings, which are scheduled for May 17th. These results will provide more information about the company’s performance in the first half of the year.

To be clear: MicroCloud is not the only Lidar stock that has crashed in the past few years. Luminar Technologies (LAZR) stock has plunged by over 70% in the past 12 months. Innovis Technologies has fallen by 55% in the same period while Aeva Technologies is down by 37%.

The post Here’s why MicroCloud Hologram (HOLO) stock price is soaring appeared first on Invezz

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 SantaClara.com & California Media Partners, LLC. All rights reserved.