Maxim Group Thinks Recon Technology’s Stock is Going to Recover


Maxim Group analyst James Jang maintained a Buy rating on Recon Technology (NASDAQ: RCON) today and set a price target of $2. The company’s shares closed yesterday at $1.20, close to its 52-week low of $1.01.

Jang commented:

“RCON’s investment into the wastewater and oil sludge treatment sectors allowed for revenues to increase over 44% y/y to $12.8M in F2018. However, due to accounting rules, we expect a majority of revenues to be recognized in F1Q19.”

According to TipRanks.com, Jang is a 4-star analyst with an average return of 16.8% and a 48.1% success rate. Jang covers the Services sector, focusing on stocks such as Sino-Global Shipping America, Dynagas LNG Partners LP, and Nordic American Tanker.

The word on The Street in general, suggests a Hold analyst consensus rating for Recon Technology.

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Based on Recon Technology’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $1.59 million. In comparison, last year the company had a GAAP net loss of $1.01 million.

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Recon Technology Ltd. engages in the development and marketing of oilfield equipment, automation systems, tools, chemicals, and field services to petroleum firms. It offers equipment for oil and gas production and transportation; oil and gas production improvement techniques; automation system and service; and waste water treatment products and services.

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