What happened
Shares of Vuzix Corporation (VUZI 2.29%), a supplier of smart glasses and augmented reality technology, rallied today after it announced yesterday that a company that makes temperature-controlled containers for shipping COVID-19 vaccines is using Vuzix's smart glasses for training.
The tech stock skyrocketed by as much as 38.7% and was up by 14.4% as of 3:38 p.m. EST.
So what
Vuzix said in a press release that Envirotainer, a company that specializes in secure cold-chain solutions for air transport of pharmaceuticals, is using its smart glasses for remote training of some of its workers who handle the storage containers with COVID-19 vaccines.
Image source: Getty Images.
Envirotainer's chief operating officer, Niklas Adamsson, said in the release: "We experimented with other smart glasses in the past but with the arrival of the COVID-19 pandemic we quickly turned to Vuzix as a business partner to help solve operational challenges related to training our staff in the field."
Investors were clearly excited to see that Vuzix's technology was being used by companies to train people who are using temperature-controlled containers for COVID-19 vaccines.
Today's share-price jump puts the company's stock up 288% year to date.
Now what
Vuzix didn't release any other information in today's press release that indicates how it will financially benefit from its smart-glass customer Envirotainer. With the stock jumping so high on just one bit of news, it appears that some investors were getting overeager about today's announcement. Investors may want to proceed with caution, as this stock may be prone to price swings.
