NEW YORK (TheStreet) -- Shares of Himax Technologies (HIMX) were gaining 6.8% to $8.14 on heavy trading volume Friday following the unveiling of the consumer version of the Oculus Rift virtual reality headset on Thursday.
The Facebook (FB) owned Oculus debuted the consumer model of the VR headset ahead of the Electronic Entertainment Expo (E3) next week. The virtual reality headset is scheduled to ship in the first quarter of 2016. The company didn't announce a price point for the headset.
Himax supplied an LCD timing controller IC for previous developer models of the Oculus Rift. The consumer model of the VR headset uses two OLED displays instead the single LCD screen used in previous models. Oculus hasn't discussed the component suppliers for the consumer model.
About 6.7 million shares of Himax Technologies were traded by 2:28 p.m. Friday, above the company's average trading volume of about 2.6 million shares a day.
TheStreet Ratings team rates HIMAX TECHNOLOGIES INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate HIMAX TECHNOLOGIES INC (HIMX) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels and solid stock price performance. We feel its strengths outweigh the fact that the company has had sub par growth in net income."