Vuzix Company (NASDAQ: VUZI) has placed an initial order worth $300,000 for its smart glasses with Robotiques Cyborg, a multinational distributor of high-tech solutions based in France.
Vuzix engages in the design, manufacture, marketing, sale and supply of wearable augmented reality display devices. Vizix shares have lost 27.2% so far this year.
By adding Vuzix’s smart glasses to its portfolio of distributed solutions, Cyborg Robotics believes that its customers can reduce CO2 emissions by hosting remote meetings, removing the language barrier and enabling control of certain robots with the eyeglasses.
Vuzix President and CEO, Paul Travers, said, “We are delighted to partner with Cyborg Robotics, who can not only provide us with new and diverse distribution opportunities, but also integrate our smart glasses into the process. installation and maintenance of various robotic solutions. . We look forward to supporting their efforts to help their customers gain competitive advantages in their respective industries. »
Last month, Dawson James analyst James McIlree maintained a buy rating on Vuzix with a price target of $15 (upside potential of 128.7% from current levels).
“Our $20.4 million revenue estimate for 2022 assumes that the core Vuzix smart glasses business can grow by approximately 20% and an additional $5 million will be generated from logistics customers deploying the smart glasses solution. Vuzix in multiple warehouses this year,” Mcllree said.
The analyst believes that the announced orders “from major customers will be an important catalyst for the shares”.
The rest of the street is cautiously bullish on the stock and has a moderate buy consensus rating based on two buys and one hold. Vuzix’s average price target of $13 implies 98.2% upside potential from current levels.
Based on recent activity from company insiders, sentiment seems very positive about the stock. This means that over the last quarter, the number of insiders buying VUZI shares has increased.
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