The MGM Wireless Limited (ASX: MWR) share price has climbed from 66 cents this time last year to $3.85 today in an astonishing 485% annual rise that will mean many investors want to know exactly what this company is doing right.
MGM Wireless's share price has rocketed because the tech innovator appears to have successfully pivoted from the school communication and attendance management software space into the more general wearable tech space to help parents keep track of their children by communicating to a child's watch via their smartphone.
Despite its meteoric share price rise MGM remains a micro-cap with a market value of just $47 million and much expectation now placed on the growth of its SPACETALK watches.
The group reports it has sold 8,300 SPACETALK watches since launch with sales acceralting and the watches now stocked in 197 JB Hi-Fi Limited (ASX: JBH) stores.
MGM Wireless also has its profitable online school communications business that is used by over 1,100 schools and 1.6 million parents.
The group has no debt and has paid dividends for three years thanks to the success of its school communications operations.
