SMALL CAP MOVERS: Seeing Machines is a technology company on a mission to eradicate road deaths
See machines is an AIM-listed technology company with a mission to completely eradicate road deaths.
High ambitions, but recent business highlights and an eye-watering valuation from broker Cenkos suggest potential in the company’s AI-powered, vision-based and driverless technology.
“We believe that Seeing Machines should pay a significant premium over its closest peers Smart Eye and Mobileye, and that it is a global technology unicorn that belies the current stock price,” John-Marc Bunce said this week at cenkos.
Mission: Seeing Machines is an AIM-listed technology company with a mission to completely eradicate road deaths
In October, Australia-based Seeing Machines signed a $65 million or £55 million deal with Canadian auto parts maker Magna to develop and co-market a driver and occupant monitoring system, sparking his optimism. supports.
The new product will integrate a camera into the rear view to monitor both the driver and occupants of vehicles.
“We view Seeing Machines’ recent deal with Magna as a groundbreaking moment that marks the beginning of a period of significant value creation, cashing in on more than 20 years of technological development,” said Bunce.
Cenkos’ spicy price target of 24.3 pence is a 350 percent premium over the current 6.8 pence, but the market took a wait and see approach and shares fell 4% this week.
Touchstar, a provider of mobile data computing solutions and managed services, outperformed after announcing a “substantial order” on Tuesday.
Petrochemical Distribution, the largest client, provided the work, which is worth more than £1.5 million in its first year.
“After this award, the company’s order book stands at £2.3m, a significant increase from the £1m reported in the company’s interim results released on 15 September 2022,” it said.
Tintra also gained ground, rising 2.6 percent to 225.7p after a promising business update.
Fintech branch Tintra Money has filed an application and documentation with the UK Financial Conduct Authority to become an authorized electronic money institution.
However, Biome Technologies was the star of the bunch, jumping nearly 50% this week after meeting revenue expectations, but this was largely seen as a correction after stocks plunged 70 percent in September.
Overall, the junior market’s top 100 stocks comfortably outperformed their larger counterparts in the past week, with the AIM 100 up 1.4 percent, a slight decline from Footsie.
Among the decliners, shares of Brand Architekts were slashed lower after the British beauty salon reported lower sales and larger losses last year.
Underlying operating losses for the year to the end of June increased to £1.8m on a 15 per cent decline in sales, excluding the acquisition of Innovaderma.
Nichebank PCF fell 63 percent to 0.42 pence Wednesday morning after saying it would pull out of the market over its failed attempts to raise funds.
As a result, the board proposes to delist the group.
According to a statement, the board of directors will “continue to investigate strategic transactions with bona fide interested third parties, but the directors have now concluded that it is in the best interests of all stakeholders that PCF Bank begins a process to withdraw from UK banks.” market.’
Shares in The Gym Group fell more than 11 percent after the company said some of its stores are still struggling with the shift to work from home.
In a statement, the operator of 24/7 low-cost gyms said membership stood at 838,000 as of October 31, 2022, a 16.7 percent increase from the beginning of the year.