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Buddy share price soars 19% on record orders

hand holding mobile phone with smart lighting controls representing buddy share price
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Buddy Technologies Ltd (ASX: BUD) shares have today soared higher thanks to record numbers of Smart Light orders received by the company. The Buddy share price smashed its 52 week high today, and was sitting 19.44% higher at 4.3 cents by the market’s close.

What Buddy does

Buddy helps customers of any size ‘make every space smarter’. It does this through two core businesses including its commercial and consumer businesses. Buddy empowers its customers to fully leverage digital technologies and their impact in a strategic and sustainable way.

Buddy trades under the LIFX brand and has established a leading market position as a provider of smart lighting solutions. The company’s suite of Wi-Fi enabled lights are currently used in nearly one million homes, viewed as second only to lighting giant, Philips. LIFX products are sold in over 100 countries worldwide, directly and via distribution. The company has sales partnerships with leading retailers and eCommerce platforms including Amazon.com, Inc. (NASDAQ: AMZN), Alphabet Inc Class A (NASDAQ: GOOGL), Apple Inc. (NASDAQ: AAPL) and JB Hi-Fi Limited (ASX: JBH) among others.

Record orders

The Buddy share price has soared today following the company’s announcement it has received record purchase orders of US$3.1 million. These orders now eclipse the previous largest orders by 33% in terms of unit volumes.

The orders are intended to meet Black Friday/Cyber Monday demand, with devices built under the orders to be shipped to North America for sale in the United States and Canada. Buddy also noted that it is unusual to receive orders this early. Although this may be explained, given the size of these orders and the irregularities in global supply chains, by COVID-19. As a result, some retailers are being more proactive in advance ordering than might otherwise be the case.

What now for the Buddy share price?

The Buddy share price has been moving strongly higher since late March. From these lows the company is now up 330%. Buddy shareholders will be hoping that the company can build on this record order and keep growing moving forward.

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John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Daniel Ewing owns shares of Alphabet (A shares). The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and recommends Alphabet (A shares), Amazon, and Apple and recommends the following options: short January 2022 $1940 calls on Amazon and long January 2022 $1920 calls on Amazon. The Motley Fool Australia has recommended Alphabet (A shares), Amazon, and Apple. 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.

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