Vuzix Corporation (VUZI), which specializes in wearable technology, announced that it has signed a distribution agreement with MPH Group, a UK-based distribution company. The company has also received a volume purchase order for its Vuzix Smart Glasses.
Following the news, shares of the company appreciated 1.3% in Monday’s trading session. However, it pared its gains slightly to close at $14.49 in the extended trading session.
With this distribution agreement, Vuzix will gain access to MPH’s diverse customer base spanning industries like healthcare, energy, automotive, telecommunications, defense, construction and manufacturing.
The CEO of Vuzix, Paul Travers, said, “Our distribution agreement with MPH will help further strengthen our presence in Europe and the UK, geographies which represent important growth opportunities for us. Vuzix looks forward to an expanding distribution relationship with MPH that will span all of our current smart glasses products, as well as future ones.” (See Vuzix stock chart on TipRanks)
Three months ago, BTIG analyst Matthew VanVliet reiterated a Buy rating on the stock with a price target of $30. The analyst’s price target implies upside potential of 106% from current levels.
The stock has a Moderate Buy consensus based on 1 Buy and 1 Hold. The average Vuzix price target of $30 implies 106% upside potential from current levels. Shares have gained 278.2% over the past year.
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