Technology company focused on smart glasses and augmented reality, Vuzix Corporation (VUZI) recently revealed that it has signed a distribution agreement with a Europe-based innovative hardware supplier, Barcotec GmbH, which has also placed an order for Vuzix Smart Glasses.
Shares of the company dropped 8.8% to close at $9.49 on Friday.
With Barcotec’s expertise in the identification technology, wearables, device management and software integration space, Vuzix will gain a strong footing in the European region with this distribution agreement.
Management Commentary
The CEO of Vuzix, Paul Travers, said, “We continue to expand our global reach with the addition of established distribution partners such as Barcotec. Vuzix Smart Glasses will support Barcotec’s efforts to help its customers gain competitive advantage by using technological tools for the design of digital work processes across production, logistics, retail, field services and healthcare.”
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Smart Score
Vuzix scores an 8 out of 10 from TipRanks’ Smart Score rating system, indicating that the stock is likely to outperform the market expectations. Overall, the stock has a Hold consensus rating based on 1 Hold. Shares of the company have gained 117.2% over the past year.
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