Seeing Machines Ltd (AIM:SEE, OTC:SEEMF) has received some good feedback for the latest contract extension for its driver-monitoring technology.
Stifel notes that the extension, until 2023, is worth US$26 million and brings the cumulative initial lifetime value of its automotive programmes to US$392 million.
Adding the shares are undervalued at present, Stifel says the shares are worth 15p and investors should take advantage ahead of approaching European regulatory deadlines.
Peel Hunt also sees the extension as underlining how the ‘initial lifetime value’ of its current order book is the minimum it can make its current partnerships.
The company is bullish that it will see a deepening of the current relationships across new models for many of its contracts.
“Overall, we view this as a positive step forward for the firm.”
Separately, Seeing Machines announced that Martin Ive, chief financial officer, has bought 107,313 shares at 4.41p and 79,478 at 4.43p.
Ive is now beneficially interested in around 7.72 million shares or 0.19% of the issued capital.
Shares rose 6% to 4.7p.