The Buddy Technologies Ltd (ASX:BUD) share price is pushing higher today on the back of record light sales. We take a closer look.
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The Buddy Technologies Ltd (ASX:BUD) share price has continued its impressive run as once again it broke its record for orders of smart lights. The Buddy share price is currently trading 3.75% higher at 83 cents.
It seems not long ago that I was writing about the last time Buddy announced record smart light orders. Sure enough, less than 3 weeks ago, the Buddy share price soared 19% as they hit light orders of $4.3 million. Nonetheless, that record has been swiftly eclipsed as the company announced orders of $10.5 million for its smart lights.
The record number of orders are aimed to help meet 4th calendar quarter holiday demand in Europe and North America. They exclude the LIFX Clean and LIFX Switch, with both expected to be ordered separately and subsequently. The Buddy share price exploded as the LIFX clean was announced in late August.
Buddy CEO David McLauchlan described 2020 as “a remarkable year of disruption and dislocation, none more so than for our Melbourne-based team who have admirably kept up an amazing level of productivity and good spirits despite the COVID-19 curfews and lockdown in place there. Their efforts, and the patience and support of our shareholders, is being rewarded with orders flowing in, and the company now having more lights currently in the process of being manufactured and shipped, than at any other time in the company’s history.”
What does Buddy do?
Founded in 2006, Buddy Technologies provides cloud-based technology that aims to make its customers’ work and living spaces smarter, via IoT connected devices.
Buddy’s consumer business trades under the LIFX brand and is a provider of smart lighting solutions. The company has a wide portfolio of Wi-Fi enabled lights that are used in nearly 1 million homes and sold in more than 100 countries.
Where to now for the Buddy share price
The Buddy share price has been driven by good news in recent months capped off by its impressive results in late August. The light manufacturer’s share price is now up a huge 105% for the year.
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Motley Fool contributor Daniel Ewing 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.