CalAmp Corp. (CAMP) will be the cornerstone of the Coastr digital car rental service, which aims to begin a new age in the car rental industry.
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CalAmp has collaborated with Coastr, which aims to make the same revolutionary change in the market for car rental that Uber has introduced in the taxi market. For corporate clients as well as ordinary customers, Coastr is building a contactless, easy-to-use car rental ecosystem. The CalAmp Telematics Cloud (CTC) framework, which uses artificial intelligence elements and interconnected smart devices with algorithm sets, can be an important part of this sector.
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With the assistance of CTC, a perfect rental service management system is expected to be built to provide real-time data collection on malfunctions, emergencies, transport locations, and billing information. All of this will be part of the new Coastr Fleet Insurance Scheme, which is expected to greatly boost the commercial performance of the operation.
There is an opportunity for CalAmp’s growth in the area of Industrial Internet of Things (IIoT). The business is still a small-cap player, but a good indicator for long-term investors is the deal with Coastr. The automation system for the CalAmp Telematics Cloud could be a valuable asset for the company.
The stock price of CalAMp gradually grew (nearly 8 percent) after that collaboration, but at the end of last week on Friday, reviewed recommendation by Wall Street analysts brought that surge downtrend. On Friday, December 18, JP Morgan downgraded its recommendation for the stock from “Neutral” to “Underweight”, but raised the price target to $11 from $10. After that the company came losing nearly 15 percent in last two sessions.
Also in the last week on Thursday, with quarterly earnings of $0.07 per share, CalAmp came out, beating the consensus estimate of analysts of $0.03 per share. That compared with an EPS of $0.15 per share in the year ago quarter.
CalAmp Corp. (CAMP) stock fell 4.95% on Monday to end the session at $9.21.