Vuzix Corporation (NASDAQ: VUZI) has bagged an initial order worth $300,000 for its smart glasses from Robotiques Cyborg, a France-based multi-national distributor of high-technology solutions.
Vuzix engages in the design, manufacture, marketing, sale and supply of augmented reality wearable display devices. Shares of Vizix have lost 27.2% so far this year.
By adding Vuzix’s smart glasses to its portfolio of distributed solutions, Robotiques Cyborg believes that its clients can lower CO2 emissions by conducting meetings remotely, removing the language barrier and enabling control of certain robots with the glasses.
Vuzix’s President and CEO, Paul Travers, said, “We are thrilled to be partnering with Robotiques Cyborg, who can not only provide us with new and diverse distribution opportunities, but also integrate our smart glasses into the installation and servicing process for various robotic solutions. We look forward to supporting their efforts to help their customers gain competitive advantages within their respective industry verticals.”
Stock Rating
Last month, Dawson James analyst James McIlree maintained a Buy rating on Vuzix with a price target of $15 (128.7% upside potential from current levels).
“Our $20.4 million revenue estimate for 2022 assumes the core Vuzix smart glasses business can grow about 20% and an additional $5 million will be generated from logistics customer(s) deploying the Vuzix smart glasses solution in multiple warehouses this year,” Mcllree said.
The analyst believes that the announced orders “from major customer(s) will be a significant catalyst for the shares.”
The rest of the Street is cautiously optimistic about 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 to current levels.
Insider Transactions
Based on the recent corporate insider activity, sentiments seem Very Positive about the stock. This means that over the past quarter there has been an increase in insiders buying VUZI stock.
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