Shares in MICT (NASDAQ:MICT) has jumped over 100% higher after the company announced that its subsidiary, Micronet Ltd received its first significant order for its new SmartCam product.
MICT’s share price initially jumped as high as $7.10 in Tuesday premarket trading. However, it has fallen slightly since the open and is now trading at $6.37 per share, after an 82% move higher.
Micronet’s SmartCam is a new innovative video telematics product that integrates AI functionality with its aim to serve the estimated $45 billion and growing global telematics market.
Ready to put what you’ve learned into practice?
Try IG’s platform with £10,000 in virtual funds and practise trading
without putting your own money at risk.
Try IG with a demo account →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Learn the markets with IG Academy
Build your knowledge with IG Academy educational content, then use a
demo account to practise what you’ve learned on the IG platform.
Explore IG →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
See how trading works before risking real money
IG’s demo gives you access to thousands of markets and £10,000 in
virtual funds, so you can explore the platform and test your ideas first.
Open an IG demo →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Turn trading theory into practical experience
Learn with IG Academy, explore charts and market tools, and practise
strategies in a simulated trading environment before going live.
Start practising with IG →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Ready to take your learning further?
IG combines market education, analysis and an established trading platform,
giving you the tools to keep learning as you develop your trading skills.
Discover IG →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
The product has received authorisation from the US Federal Communications Commission (FCC) and entered into a partner trial with an ongoing customer of Micronet, which helped lead to the order.
“We expect to ship and book revenues for this sizeable order towards the end the year, and we are hopeful that this sale to a major global telematics player will lead to even more substantial orders in 2021.
“Micronet is currently piloting SmartCam with numerous other customers,” said MICT’s CEO Darren Mercer.
The company feels that the product is a “world pioneering” device that integrates camera that is both driver and road facing, vehicle operating data, and vehicle location, along with a robust telematics on-board computer.
“This first major sale justifies our recent investment into Micronet, and we believe MICT’s investment has enabled Micronet to service these kinds of orders,” Mr Mercer concluded.
