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What’s pushing the Buddy Technologies (ASX:BUD) share price up today?

While the All Ords are slipping, the Buddy Technologies share price is up more than 3% in afternoon trading. Here’s why…
The post What’s pushing the Buddy Technologies (ASX:BUD) share price up today? appeared first on Motley Fool Australia. –

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The Buddy Technologies Ltd (ASX: BUD) share price is bucking the wider selling trend today, up 3.4% in afternoon trading. This comes following the company’s late morning ASX announcement that initially saw shares leap 7%.

Meanwhile the All Ordinaries Index (ASX: XAO) is sliding, down 0.3%.

Today’s gains see Buddy’s share price up 53% year-to-date. Shares have now rebounded 510% from 16 March, following a 67% drop during the wider COVID market rout.

What does Buddy Technologies do?

Founded in 2006, Buddy provides cloud-based technology to make its customers’ work and living spaces smarter via Buddy’s IoT (internet of things) connected devices.

Buddy trades under the LIFX brand and is a leading provider of smart lighting solutions. The company’s Wi-Fi enabled lights are currently used in nearly 1 million homes and sold in over 100 countries.

The company’s platforms include Buddy Cloud, allowing access to storage and data from any environment, and Buddy Ohm. Buddy Ohm is intended to improve operations, savings and sustainability by providing real time building operational data.

What’s behind the Buddy share price climb?

This morning Buddy Technologies announced that its LIFX Clean light has passed United States efficacy testing. The tests were conducted by US firm, Q Laboratories, an FDA registered testing facility that specialises in disinfectant efficacy testing.

LIFX Clean is the world’s first antibacterial and germicidal smart light. The results exceeded managements expectations, showing the installing the lights in ceiling fixtures will “have a material kill rate on bacteria at kitchen of bathroom counter height”.

The tests revealed a kill rate of 75% of the tested organisms at a distance of 122 centimetres.

Regulatory compliance has now been passed for Australia, New Zealand, the United States, the United Kingdom and the European Union. The US, Australian and New Zealand markets are slated for launch in December this year.

Addressing the results, Buddy Technologies CEO, David McLauchlan said:

When we launched LIFX Clean, we pitched the product as being ideal for near-field surface and surrounding air disinfection. As our expanded testing has shown, we now have a demonstrable use case of LIFX Clean in ceiling lights cleaning typical height surfaces. This is expected to open up entirely new sales opportunities and provide appealing point of sale messaging to our major retail partners.

At the time of writing, the Buddy share price is sitting at 6.1 cents per share.

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Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The post What’s pushing the Buddy Technologies (ASX:BUD) share price up today? appeared first on Motley Fool Australia.

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