Why the Nuheara (ASX:NUH) share price is soaring 6% today

The Nuheara (ASX: NUH) share price is up 6% in early morning trade following a positive announcement with a major contract.
The post Why the Nuheara (ASX:NUH) share price is soaring 6% today appeared first on The Motley Fool Australia. –

asx share price secret represented by woman holing hands up to ear through hole in wall

The Nuheara Ltd (ASX: NUH) share price is on the move this morning. This comes after the company announced a positive development with a major contract.

At the time of writing, the hearing solutions provider’s shares are swapping hands for 5.3 cents, up 6%.

What did Nuheara announce?

Investors are pushing Nuheara shares higher following the company’s latest update.

According to this morning’s release, Nuheara advised it has begun mass production of HP Elite Wireless Earbuds for HP Inc (NYSE: HPQ). This follows HP’s recent approval of the initial samples, paving the way for commercial production.

Nuheara highlighted that this will be the first product to be manufactured under the umbrella supply agreement. Both parties entered into a partnership arrangement in late December last year.

The Elite Wireless Earbuds will be offered as bundled options to customers with the purchase of select HP notebook computers.

Large-scale manufacturing of the Elite Earbuds has started, with shipment to take place in early May 2021.

What did the CEO say?

Nuheara CEO Justin Miller commented on the partnership agreement:

We are incredibly proud to be working and developing products for HP, a global technology leader. Nuheara’s co-development of the new HP Elite Wireless Earbuds has seen this new product delivered, from concept to mass production, in record time.

Our strong working relationship with HP has been critical in developing and manufacturing this product seamlessly. As global leaders in our respective markets of PCs and Hearables, Nuheara anticipates the strengthening of this partnership over the next three years to continue the supply of innovative audio solutions to HP’s customers.

About the Nuheara share price

The Nuheara share price has accelerated to more than 200% in the last 12 months, particularly from July 2020 onwards. The company’s shares reached a 52-week high of 6.6 cents in August before moving in circles thereafter.

On valuation grounds, Nuheara commands a market capitalisation of around $86.1 million, with 1.7 billion shares on issue.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

See The 5 Stocks

*Returns as of February 15th 2021

More reading

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Why the Nuheara (ASX:NUH) share price is soaring 6% today appeared first on The Motley Fool Australia.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!