10 Tech Stocks to Sell Now According to Cathie Wood

5. Vuzix Corporation (NASDAQ:VUZI)

Percentage of stake sold by ARK Invest in Q3: 100%

ARK Investment Management’s Q3 Stake Value: $291

Number of Hedge Fund Holders: 5

Vuzix Corporation (NASDAQ:VUZI) designs and manufactures a variety of innovative consumer electronics products, including smart glasses and augmented reality technologies. These products are used in a number of markets, including enterprise, defense, and healthcare. With its ground-breaking waveguide technology, essential to the development of AI-driven wearables, Vuzix Corporation (NASDAQ:VUZI) is becoming a major force in the smart glasses market.

Vuzix Corporation (NASDAQ:VUZI) reported a 36% decrease in total revenue for Q3 2024, dropping to $1.4 billion. This decline was primarily due to a significant drop in smart glass sales and engineering services revenue, which resulted in a net loss of $9.2 million. Despite these setbacks, the company managed to form a strategic partnership with Quanta Computer, including a $20 million investment, and announced the development of the Vuzix Z100 smart glasses. Additionally, Vuzix Corporation (NASDAQ:VUZI) announced a significant contract in late November 2024 to supply customized waveguides for use in heads-up displays to an unnamed U.S. aerospace and defense company.