In a report released today, Brian Kinstlinger from Maxim Group reiterated a Buy rating on NXT-ID Inc (NASDAQ: NXTD), with a price target of $5. The company’s shares opened today at $1.39, close to its 52-week low of $1.21.
“Garmin and NXTD announced that Garmin Pay is now live on the vivoactive 3 smartwatch. FitPay, a subsidiary of NXTD, powers the payment platform, and revenue will be a function of customer activation. The payment platform is initially available for MasterCard cardholders from numerous issuing banks and credit unions. We argue that the availability to activate Garmin Pay will trigger a re- acceleration in revenue beginning in 1Q18. Reiterate our Buy rating and $5 price target.”
According to TipRanks.com, Kinstlinger is a 4-star analyst with an average return of 4.4% and a 54.7% success rate. Kinstlinger covers the Technology sector, focusing on stocks such as Helios & Matheson North America Inc, BIO-key International Inc, and Applied DNA Sciences.
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 September 30, the company posted quarterly revenue of $4.53 million and GAAP net loss of $4.03 million. In comparison, last year the company earned revenue of $3.09 million and had a GAAP net loss of $2.45 million.
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Nxt-ID, Inc. is a technology company, which provides security for healthcare, finance and Internet of things. Its MobileBio security technology serves encryption and payments, biometrics, security and privacy, sensors and miniaturization technologies. The company operates through Hardware and Software Security Systems and Applications segment.