Shares of Vuzix (NASDAQ:VUZI) stock are soaring to start the day on Monday as the firm rides momentum after very positive news at the end of last week.
Vuzix is a technology company that focuses on augmented reality (AR) through their select eyewear products. The firm’s smart glasses have a number of uses, including manufacturing and warehouse solutions — and even activities like swimming.
So, what is pushing VUZI stock higher today? Let’s take a closer look:
- The first update that caused the rally in Vuzix stock was news of a purchase from asset management firm Ark Invest on Friday.
- The company bought 292,ooo shares to add to its exchange-traded fund, ARK Autonomous Technology & Robotics ETF (BATS:ARKQ).
- ARKQ has a weighted average market value of $229 billion, and around $1.7 billion assets under management.
- Moreover, another recent moment for the firm was that its smart glasses were featured in the American Medical Association’s (AMA) latest issue.
- Specifically, it was the “Special COVID-19 Edition for Accelerating Change in Medical Health Education Systems Science Student, Resident and Fellow Impact Challenge.”
- The story featured a study at the University of Louisville where 320 students received quality shadowing experience through a program impacted by the pandemic restrictions.
- According to the release, “another key finding from the study was that using Vuzix Smart Glasses to perform clinical shadowing provided an unprecedented view of doctor-patient interaction and procedures that were previously difficult to witness during conventional shadowing.”
- Also, the school is currently exploring other uses of the smart glasses.
Paul Travers, Vuzix president and CEO, said this regarding the feature in the AMA magazine.
We’re excited to see the impact our Vuzix M400 Smart Glasses have had on the clinical experience for students at the University of Louisville School of Medicine to deliver new experiences in clinical shadowing that was not available during conventional shadowing. Healthcare and telemedicine is a rapidly evolving and very important market vertical for business growth and innovation for Vuzix as we continue to set the standard for industry-leading telemedicine usage around the globe.
VUZI stock was up 30.4% as of Monday morning.
On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Nick Clarkson is a web editor at InvestorPlace.