Why Vuzix Stock Plummeted 19.3% in July
Shares of Vuzix (NASDAQ: VUZI) fell 19.3% in July, according to data provided by S&P Global Market Intelligence. The augmented reality and smart glasses stock has gone on a wild ride so far in 2021. At one point, in April, the stock was up 240% on the year. Ever since then, the stock has slowly given up these gains and is now up 55% year to date.
Vuzix stock started its meteoric rise this March when it announced new contracts with a major U.S. insurance company and The Cooper Companies, a medical device manufacturer. The contract with the insurance company is for $400,000 worth of Vuzix's M400 Smart Glasses, while it is unclear how large the Cooper Companies contract is. It followed these announcements up with more press releases on future partnerships and did an $85 million public offering of common stock at a price of $20.50 per share. For reference, shares now trade at $13.70.
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Source Fool.com
