Chardan Capital Thinks Vuzix Corporation’s Stock is Going to Recover

By Ryan Adsit

In a report released today, James McIlree from Chardan Capital reiterated a Buy rating on Vuzix Corporation (VUZIResearch Report), with a price target of $10. The company’s shares closed yesterday at $2.53, close to its 52-week low of $2.31.

McIlree commented:

“We expect the joint development and production agreement could take 18-24 months before a product is brought to market and will be less expensive, brighter and less power hungry than current iterations of smart glasses.”

According to TipRanks.com, McIlree is a 1-star analyst with an average return of -3.9% and a 43.9% success rate. McIlree covers the Consumer Goods sector, focusing on stocks such as Foresight Autonomous Holdings Ltd, KEYW Holding, and Arcimoto Inc.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Vuzix Corporation with a $8.67 average price target, which is a 242.7% upside from current levels. In a report issued on May 10, Maxim Group also reiterated a Buy rating on the stock with a $8 price target.

See today’s analyst top recommended stocks >>

Based on Vuzix Corporation’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $6.36 million. In comparison, last year the company had a GAAP net loss of $5.37 million.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

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.