After Chardan Capital and Alliance Global Partners gave Vuzix Corporation (NASDAQ: VUZI) a Buy rating last month, the company received another Buy, this time from Maxim Group. Analyst Nehal Chokshi maintained a Buy rating on Vuzix Corporation today and set a price target of $8. The company’s shares closed on Friday at $3.45, close to its 52-week low of $3.01.
“The manufacturing issues affecting Blade, waveguide-based augmented- reality (AR) glasses, appear to be sorted out, but an extended period of manufacturing issues highlight the need for a seasoned COO, in our view. Transition to capital-light sales structure. VUZI continues to be in the pole position for AR glasses due to waveguide intellectual property (IP), in our view… …but we significantly reduce our terminal period estimates translating to a 12- month PT of $8, reduced from $11.”
According to TipRanks.com, Chokshi is a 5-star analyst with an average return of 9.8% and a 57.5% success rate. Chokshi covers the Consumer Goods sector, focusing on stocks such as Hewlett Packard Enterprise, Super Micro Computer, and Palo Alto Networks.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Vuzix Corporation with a $9.67 average price target, a 180.3% upside from current levels. In a report issued on March 14, Chardan Capital also reiterated a Buy rating on the stock with a $10 price target.
Based on Vuzix Corporation’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $5.56 million. In comparison, last year the company had a GAAP net loss of $5.88 million.
Based on the recent corporate insider activity of 17 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of VUZI in relation to earlier this year.
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Vuzix Corp. engages in the design, manufacture, marketing, sale, and supply of augmented reality wearable display devices. Its products include personal display and wearable computing devices that offer users a portable viewing experience, provide solutions for mobility, wearable displays and virtual and augmented reality.