Shares of Seeing Machines Limited (LON: SEE) have fallen 38.17% from their January highs despite its executives buying shares recently after an upbeat operations update.
The driver monitoring technology company recently announced that its technology was deployed in multiple vehicle models within GM’s lineup, including GM's Cadillac CT4, CT5 and Chevrolet Bolt.
Seeing Machines also noted that its driver monitoring tech was deployed in the Mercedes Benz S-Class and Mercedes Benz EQS sedans. The recent announcements made most analysts turn bullish on the company.
Another positive signal is that its top executives, led by CEO Paul McGlone, have been buying shares. For example, McGlone bought 250,000 shares at 9p worth £22,500, non-Executive Director John Murray, bought 250,000 shares at 8.60p worth £21,500.
Finally, Dunford Super Fund, closely associated with Seeing Machines Chair Kate Hill, bought 200,000 shares worth £18,000.
Seeing Machines recently signed a contract with Airservices Australia to collaborate on improving safety in air traffic management.
In January, the company announced a collaboration agreement with global chip manufacturer Qualcomm to deliver advanced driver-assistance systems and infotainment technology for vehicles.
Seeing Machines has signed collaboration agreements with some of the most prominent players in the automotive industry. Its latest contract wins are a string sign that manufacturers value its driver assistance technology.
From a technical perspective Seeing Machines shares are forming a bottom slightly above a crucial support level and could create excellent buying opportunities for aggressive traders.
However, conservative traders could wait for a bounce off the support level before buying to minimise their percentage risk. In January 2020 into March 2020, the company's shares fell from a high of 5.67p to lows around 1.4p, before holding around that level and breaking higher throughout the rest of the year and into 2021.
*This is not investment advice.
Seeing Machines share price.
Seeing Machines shares have fallen 38.17% from their January high of 13.28p to their current price of 8.21p.
Should you invest in Seeing Machines shares?
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