The Buddy share price is up 33% higher today. Here's why

The Buddy share price has rocketed more than 33% higher today after the company announced the launch of a new antibacterial light product

| More on:
a woman

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The Buddy Technologies Ltd (ASX: BUD) share price is flying more than 33% higher today. The bullish price action follows an announcement that the company released earlier.

What did Buddy announce?

Earlier today Buddy Technologies announced the launch of a new antibacterial light product. The company informed the market that its world-first smart light, LIFX Clean, has successfully passed efficacy and safety testing.

LIFX Clean is a fully functional white and colour lighting that uses germicidal antibacterial light to disinfect surfaces and surrounding air. The company noted that LIFX Clean is an extension of its multi-patented LIFX A19/A60 1200 lumen smart light platform. According to Buddy, this LIFX Clean is designed to emit visible light at a germicidal wavelength of 405 nano metres.

Buddy said the LIFX Clean product had passed efficacy testing conducted by the Department of Chemisty at Australia's Swinburne University of Technology. In addition, the company noted that LIFX Clean was in the queue to be tested for efficacy against COVID-19.

Buddy's management highlighted the innovative nature in developing LIFX Clean and said it expected the product to meet enormous demand. The company said LIFX Clean was developed and ready for market launch as an antibacterial product in Australia, New Zealand, Europe and the EU. However, the company noted that the US market was subject to different regulatory requirements.

What does Buddy Technologies do?

Buddy Technologies is an Australian-based company that operates in both commercial and consumer sectors. The company's commercial business focuses on helping customers leverage digital technologies for energy monitoring and reporting.

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.

Should you invest?

At the time of writing, the Buddy share price is trading more than 33% higher at 9.2 cents for the day. The company's shares have been sold down slightly after hitting an intra-day high of 9.3 cents earlier. Overall, the Buddy share price has performed strongly for 2020 and is up more than 158% for the year.

Motley Fool contributor Nikhil Gangaram 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.

More on Share Market News

A happy young couple lie on a wooden deck using a skateboard for a pillow.
Share Gainers

These were the best-performing ASX 200 shares in March

These shares made their shareholders smile in March thanks to some very big gains.

Read more »

Businessman using a digital tablet with a graphical chart, symbolising the stock market.
Opinions

2 ASX shares I have been buying in 2024!

I’m a believer in the long-term outlook of these stocks.

Read more »

Stock market chart in green with a rising arrow symbolising a rising share price.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a massive day for the ASX 200, with a new all-time high recorded.

Read more »

A man sits thoughtfully on the couch with a laptop on his lap.
Technology Shares

This ASX tech stock rocketed 60% in March! Can it keep on delivering?

After soaring in March, the ASX tech stock is now up 169% since this time last year.

Read more »

Broker Notes

Brokers name 3 ASX shares to buy now

Here's why brokers are feeling bullish about these three shares this week.

Read more »

A young man clasps his hand to his head with his eyes closed and a pained expression on his face as he clasps a laptop computer in front of him, seemingly learning of bad news or a poor investment.
Share Fallers

Why Burgundy Diamond Mines, Clarity Pharmaceuticals, EML, and Zip are sinking today

These ASX shares are ending the week in the red. But why?

Read more »

A young women pumps her fists in excitement after seeing some good news on her laptop.
Share Gainers

Why Mesoblast, Newmont, Pilbara Minerals, and Platinum shares are jumping

These ASX shares are ending the week strongly. But why?

Read more »

a young boy dressed up in a business suit and tie has a cute grin and holds two fingers up.
Opinions

2 of my top ASX 200 shares to consider buying before April

I would happily exchange dollars for these two shares right now.

Read more »