Amazon’s Ring Moves to Boost Community Transparency
Amazon’s (AMZN) subsidiary Ring has come up with a new feature that it hopes will increase transparency around how police use videos from its home security system to fight crime.
Ring’s internet-connected doorbells and cameras let people monitor what is going on around their homes. Amazon acquired Ring in 2018.
It also operates the Neighbors app, a social platform where people can share and discuss videos from the Ring surveillance system. People have used the app to provide police with surveillance footage that might help them with criminal investigations.
In the past year, Ring turned to independent experts to help it develop ways to provide its community with more insights into how police use the Neighbors app. As a result, the Amazon unit has decided to make police requests for videos through the app public.
Police and fire departments seeking information from Ring products users will need to post their request publicly through a new feature in the Neighbors app called “Request for Assistance”. The feature will also allow Neighbors’ users to view a police department’s history of requests. Ring users will have the option to block police request posts.
“We believe transparency and accountability are crucial to safer, better communities,” Ring said in a blog post. (See Amazon stock analysis on TipRanks)
On the back of Amazon’s MGM acquisition, Baird analyst Colin Sebastian reiterated a Buy rating with a price target of $4,000 on Amazon stock. The analyst’s price target implies 25.51% upside potential.
“We believe that the acquisition of MGM Holdings should significantly strengthen Prime Video’s competitive position in the online streaming segment,” noted Sebastian.
Consensus among analysts is a Strong Buy based on 31 Buys. The average analyst price target of $4,295.17 implies 34.77% upside potential to current levels.
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