CalAmp Corp. (NASDAQ:CAMP), a leading provider of wireless products, services and solutions, today announced a strategic seed investment in SmartDriverClub Limited, a new technology and insurance startup leveraging state-of-the-art telematics to bring broad connected car services and value-added applications to consumers and dealers through new and used auto dealerships in theUnited Kingdom.
SmartDriverClub was founded by an experienced team of telematics industry experts with an innovative strategy to provide a new class of value-added automotive and insurance services that are designed to simplify club members’ lives, achieve cost savings and create long-lasting relationships between consumers and a broad array of service providers.
“We have been working with telematics solutions in the UK for over seven years and believe we have identified an opportunity to deliver services more effectively, particularly for insurance and value-added applications. When we decided to launch SmartDriverClub we were fortunate to find a great partner inCalAmp who shared our vision and were keen on being a strategic partner in our mission to change the way drivers use telematics services,” said Penny Searles, CEO of SmartDriverClub. “CalAmp has been very engaged and supportive of the team.”
Commenting on the strategic investment, Michael Burdiek, President and Chief Executive Officer of CalAmp, said, “We are thrilled to announce the investment in SmartDriverClub. Their core team includes pioneers in the insurance telematics space, with an exciting vision for ways in which the automotive industry sales channels can leverage telematics data to successfully bring innovative solutions that offer long term value to customers and partners in the UK market.” (Original Source)
Shares of Calamp closed yesterday at $18.24 . CAMP has a 1-year high of $21.82 and a 1-year low of $14.01. The stock’s 50-day moving average is $18.74 and its 200-day moving average is $18.35.
On the ratings front, Calamp has been the subject of a number of recent research reports. In a report issued on October 1, Canaccord Genuity analyst Michael Walkley maintained a Buy rating on CAMP, with a price target of $26, which represents a potential upside of 42.5% from where the stock is currently trading. Separately, on September 25, Northland Securities’ Michael Latimore maintained a Buy rating on the stock and has a price target of $28.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Michael Walkley and Michael Latimore have a total average return of 15.7% and -5.4% respectively. Walkley has a success rate of 60.2% and is ranked #20 out of 3842 analysts, while Latimore has a success rate of 47.1% and is ranked #3594.
CalAmp Corp provides wireless communications solutions applications to customers. Its business activities are organized into its Wireless DataCom and Satellite business segments.