Wearable display technology solutions provider Vuzix Corporation (NASDAQ:VUZI) recently announced that Japan-based systems integrator NEC Solution Innovators Ltd. has specified the use of Vuzix M400 Smart Glasses for its NeoFace KAOATO Facial Recognition System.
Following the news, shares of the company declined 2.9% to close at $8.35 on Wednesday. The stock, however, pared its losses slightly to close at $8.36 in the extended trading session.
Vuzix is scheduled to report its upcoming earnings on March 18, 2022.
The combination of Vuzix’s M400 Smart Glasses and NeoFace’s KAOATO facial recognition system will allow facial recognition in public spaces in real time.
Notably, this also enables recognition in certain locations where fixed cameras cannot be installed and allows detection of visitors’ entries more effectively.
The CEO of Vuzix, Paul Travers, said, “Vuzix M400 Smart Glasses provides studio quality picture and video capture with auto-focus and image stabilization, making it an ideal device for facial recognition applications. We look forward to working with NES and supporting the successful deployment of its NeoFace KAOATO Facial Recognition System.”
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Recently, Dawson James analyst James McIlree initiated coverage on the stock with a Buy rating and a price target of $15, which implies upside potential of 79.6% from current levels.
The Wall Street community is cautiously optimistic about the stock and has a Moderate Buy consensus rating based on 1 Buy and 1 Hold. The average Vuzix stock prediction of $15 implies that the stock has upside potential of 79.6% from current levels. Shares have declined about 10.3% over the past year.
News Sentiment for Vuzix is Very Positive based on 6.75 articles over the past seven days. 100% of the articles have Bullish sentiment, compared to the sector average of 61%. Download the mobile app now, available on iOS and Android.
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