Maxim Group Thinks NXT-ID Inc’s Stock is Going to Recover


In a report released today, Michael Diana from Maxim Group maintained a Buy rating on NXT-ID Inc (NXTD), with a price target of $2. The company’s shares opened today at $1.05, close to its 52-week low of $0.85.

Diana noted:

“On September 21, NXTD announced its intention to spin off its FitPay subsidiary (to be re-named PartX), and subsequently established a record date of October 17 (with a target completion date of December 31). Therefore, NXTD shares now reflect only the balance sheet and income statement of its healthcare subsidiary, LogicMark. Accordingly, 3Q18 results were reported with PartX characterized as Discontinued Operations, making it easier to discern the performance of stand-alone LogicMark.”

According to TipRanks.com, Diana is a 4-star analyst with an average return of 3.3% and a 52.6% success rate. Diana covers the Financial sector, focusing on stocks such as First Savings Financial Group, Manhattan Bridge Capital Inc, and Arlington Asset Investment.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for NXT-ID Inc with a $2 average price target.

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Based on NXT-ID Inc’s latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $1.26 million. In comparison, last year the company had a GAAP net loss of $4.03 million.

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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.

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