Maxim Group analyst Michael Diana reiterated a Buy rating on NXT-ID Inc (NASDAQ: NXTD) today and set a price target of $4. The company’s shares opened today at $1.69, close to its 52-week low of $1.01.
Diana said:
“NXTD provided an update on its Flip product, a contactless payment device designed to enable Bitcoin holders to use the value of their currency to make contactless payments at millions of retail locations. An initial production run and end-to-end testing of the product have been completed.”
According to TipRanks.com, Diana is a 5-star analyst with an average return of 7.7% and a 63.8% success rate. Diana covers the Financial sector, focusing on stocks such as First Savings Financial Group, Manhattan Bridge Capital Inc, and Arlington Asset Investment.
NXT-ID Inc has an analyst consensus of Moderate Buy, with a price target consensus of $4.50.
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Based on NXT-ID Inc’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $1.61 million. In comparison, last year the company had a GAAP net loss of $730.2K.
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Nxt-ID, Inc. engages in the development of proprietary technology products and solutions. It focuses on security, healthcare, financial technology, and the Internet of Things markets.
