Maxim Group Sticks to Its Buy Rating for NXT-ID Inc

Maxim Group analyst Brian Kinstlinger maintained a Buy rating on NXT-ID Inc (NASDAQ: NXTD) today and set a price target of $5. The company’s shares opened today at $2.14.

Kinstlinger observed:

“When establishing new payment technology, companies need bank issuers and credit card companies to approve the technology, before consumers can download credit cards to be used.”

According to TipRanks.com, Kinstlinger is a 3-star analyst with an average return of 1.1% and a 54.4% success rate. Kinstlinger covers the Technology sector, focusing on stocks such as Applied DNA Sciences, Caci International, and Tyler Technologies.

NXT-ID Inc has an analyst consensus of Moderate Buy, with a price target consensus of $5.

Based on NXT-ID Inc’s latest earnings report for the quarter ending June 30, the company posted quarterly revenue of $7.66 million and GAAP net loss of $1.2 million. In comparison, last year the company earned revenue of $38.49K and had a GAAP net loss of $2.51 million.

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Nxt-ID, Inc. is a technology company, which provides security solutions to mobile devices. Its MobileBio biometric solutions mitigate consumer risks associated with mobile computing, m-commerce and smart OS-enabled devices. The company’s product, Wocket, is a next generation smart wallet designed to replace all the cards.

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