Wearable display technology solutions provider Vuzix Corporation (NASDAQ: VUZI) has entered into an agreement with telecommunications major Verizon (NYSE: VZ) to offer an augmented reality experience for sports and gaming.
Following the news, shares of the company gained marginally during yesterday’s trading session. However, it pared its gains slightly to close at $9.28 during the extended trading session.
Strategic Impact
With this agreement, Vuzix will leverage Verizon’s 5G capabilities to offer an immersive augmented reality experience to the users with Vuzix’s Shield smart glasses.
This agreement follows a proof-of-concept program that was completed earlier this year, which leveraged the power of Verizon’s 5G prowess and Vuzix smart glasses to offer users improved response times, longer battery life, and increased computing capacity.
Vuzix will report its upcoming earnings on March 18, 2022.
Management Commentary
CEO of Vuzix, Paul Travers, said “5G and edge compute are important elements to ultimately deliver low latency and optimal performance of powerful smart glasses-based applications. We’re excited to further our relationship with Verizon to leverage Verizon’s 5G Ultra Wideband network and our award winning Vuzix Shield smart glasses to deliver new cutting-edge augmented reality experiences to sports and games.”
See Top Smart Score Stocks on TipRanks >>
Analyst Ratings
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 61.3% from current levels.
The Wall Street community is cautiously optimistic about the stock with a Moderate Buy consensus rating based on 1 Buy and 1 Hold. The average Vuzix stock prediction of $15 implies the stock has upside potential of 61.3% from current levels. Meanwhile, shares have gained about 1.9% over the past year.
News Sentiment
News Sentiment for Vuzix is Positive based on 3.75 articles over the past seven days. 100% of the articles have Bullish sentiment, compared to a sector average of 62%, with no Bearish Sentiment, compared to a sector average of 38%.
Related News:
JD.com Partners With JBS; Street Says Buy
Merck Gets First Approval in Japan for KEYTRUDA + LENVIMA
Roche Bags FDA Approval for its COVID-19 At-Home Test
