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Vuzix VUZI entered into a reseller agreement with Purview Services. Moreover, VUZI has received a large volume purchase order from Purview, which will distribute Vuzix products to its customers across EMEA and India.

Purview aims to develop tailored artificial intelligence (AI) solutions for industries, including healthcare, utilities, manufacturing, logistics and defense. This partnership will enable Purview to offer AI solutions via Vuzix’s augmented reality (AR) smart glasses for various business challenges like remote surveillance, workforce training, healthcare support and defense collaboration.

Vuzix was struggling with smart glasses sales, as discussed on its third-quarter 2023 earnings call. The lower sales were mainly due to the challenges of order placement timing from its larger channel partners.

Vuzix Corporation Price and Consensus

The new partnership will help the company expand its market presence and boost sales of its AR solutions. Vuzix has been teaming up with major players in the industry to enhance its products. For instance, it recently partnered with NTT QONOQ, a subsidiary of Japanese NTT DOCOMO, to launch NTT XR Real Support.

Other international partnerships in the last year include collaboration with Taiwan-based ODM named Quanta Computer, Africa-based Printer Distribution Company and some other large OEMs. These partnerships are driving the advancement of smart glass capabilities for Vuzix.

VUZI is set to gain from the rapidly growing global smart glass market, witnessing a CAGR of 27.1% from 2023 to 2030, per Grand View Research. With a strong lineup of smart glasses, Vuzix stands out as a top innovator in the enterprise smart glasses sector.

Zacks Rank and Stocks to Consider

Currently, Vuzix carries a Zacks Rank #3 (Hold). Shares of VUZI have plunged 69.2% in the past year.

Some better-ranked stocks from the broader technology sector are NVIDIA NVDA, Bill Holdings BILL and Bentley Systems BSY, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for NVIDIA’s 2024 earnings per share has been revised upward by 4 cents to $23.84 in the past seven days. Shares of NVDA have skyrocketed 231% in the past year.

The Zacks Consensus Estimate for Bill Holdings’ 2024 earnings per share has been revised 32 cents northward to $2.44 in the past 60 days. Shares of BILL have lost 16.2% in the past year.

The Zacks Consensus Estimate for Bentley Systems' 2024 earnings per share has been revised upward by 3 cents to $1.02 in the past 60 days. Shares of BSY have gained 17.7% in the past year.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.