Vuzix (NASDAQ:VUZI) Posts Quarterly Earnings Results, Misses Estimates By $0.03 EPS

Vuzix (NASDAQ:VUZI) announced its earnings results on Thursday. The company reported ($0.17) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($0.03), Briefing.com reports. The business had revenue of $2.18 million for the quarter, compared to analyst estimates of $4.73 million. Vuzix had a negative return on equity of 37.34% and a negative net margin of 293.90%. The company’s quarterly revenue was down 36.4% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.15) earnings per share.

Vuzix Trading Down 17.3 %

Shares of VUZI opened at $2.58 on Friday. Vuzix has a one year low of $2.50 and a one year high of $6.06. The stock has a 50 day moving average price of $3.42 and a 200 day moving average price of $4.25.

Insider Buying and Selling

In other news, Director Edward William Jr. Kay purchased 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 16th. The stock was purchased at an average cost of $4.23 per share, for a total transaction of $42,300.00. Following the completion of the transaction, the director now owns 206,843 shares of the company’s stock, valued at $874,945.89. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 8.20% of the stock is owned by company insiders.

Institutional Trading of Vuzix

Large investors have recently added to or reduced their stakes in the stock. Kestra Private Wealth Services LLC purchased a new stake in Vuzix in the 1st quarter valued at $109,000. Y Intercept Hong Kong Ltd purchased a new stake in Vuzix in the 2nd quarter valued at $105,000. Two Sigma Advisers LP grew its holdings in Vuzix by 35.1% in the 1st quarter. Two Sigma Advisers LP now owns 22,700 shares of the company’s stock valued at $94,000 after buying an additional 5,900 shares in the last quarter. Citigroup Inc. grew its holdings in Vuzix by 971.6% in the 2nd quarter. Citigroup Inc. now owns 17,757 shares of the company’s stock valued at $91,000 after buying an additional 16,100 shares in the last quarter. Finally, Royal Bank of Canada grew its holdings in Vuzix by 31.1% in the 3rd quarter. Royal Bank of Canada now owns 15,655 shares of the company’s stock valued at $91,000 after buying an additional 3,713 shares in the last quarter. 43.51% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, BTIG Research downgraded Vuzix from a “buy” rating to a “neutral” rating in a research note on Friday.

About Vuzix

Vuzix Corporation, together with its subsidiaries, designs, manufactures, markets, and sells augmented reality (AR) wearable display and computing devices for consumer and enterprise markets in North America, Europe, the Asia-Pacific, and internationally. It provides M400, and M4000 series of smart glasses for enterprise, industrial, commercial, and medical markets; Vuzix Blade smart glasses; waveguide optics and related coupling optics; Vuzix Shield smart glasses; Vuzix Ultralite smart glasses; and Mobilium logistics mobility software, which removes traditional middleware and supports various ERP systems, as well as custom and engineering solutions.