To bolster the ability to provide remote collaboration for the deskless workforce, Vuzix Corporation (NASDAQ: VUZI) announced that it has reinforced its partnership with AMA.
Vuzix engages in the design, manufacture, marketing, sale, and supply of augmented reality wearable display devices, while AMA provides assisted reality and workflow management software solutions.
Both the companies have been in partnership for the last five years. With this new agreement, they have widened the scope of their partnership to accelerate the digital transformation of their joint industrial and healthcare customer base.
Vuzix M400 smart glasses now support the entire XpertEye assisted reality product range, thereby supporting productivity and successfully completing remote support tasks safely and efficiently.
The President and CEO of Vuzix, Paul Travers, said, “Our growing relationship with AMA increasingly leverages the strong combination of a leading hardware platform and a leading software solution. The proven productivity improvements of our combined offering will remain a strong demand driver as industry adoption continues to accelerate this year and beyond.”
“We are convinced that our combined, forward looking vision of remote assistance is key to accompany the rapid digital transformation of our customers,” said Guillaume Campion, VP Product & Partnerships at AMA.
Wall Street’s Take
Last month, Dawson James analyst James Mcllree initiated coverage on Vuzix with a price target of $15 (99.2% upside potential).
Mcllree said, “Vuzix is in the strongest product and financial position in its history. This has occurred when COVID has brought about changes in the economy that we believe benefit the demand for smart glasses and waveguides. Recent transactions highlight the value for both smart glasses and waveguide technology.”
Overall, the Street has a bullish outlook on the stock with a Strong Buy consensus rating based on 3 Buys and 1 Hold. The Vuzix stock price prediction of $21.67 implies upside potential of about 187.8%.
Increased Hedge Fund Activity
TipRanks’ Hedge Fund Trading Activity tool shows that confidence in Vuzix is currently Very Positive, as the cumulative change in holdings across two hedge funds that were active in the last quarter was an increase of 3 million shares.
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