Roth Capital analyst Darren Aftahi maintained a Buy rating on Remark Media Inc (MARK) today and set a price target of $7.50. The company’s shares closed yesterday at $1.61, close to its 52-week low of $1.05.
Aftahi commented:
“We recently met with Chairman and CEO Shing Tao at CES. We believe some of the AI projects (non-fintech) that were pushed out or delayed in the earlier part of 2018 have started to gain traction, which could be contributory to 4Q18, with momentum continuing into early 2019. As for its ongoing strategic alternatives (SA), no update was given, although we do believe an event could transpire in 1Q19, which is past MARK’s end of year 2018 self-imposed goal. Fundamentals. Our conversations lead us to believe that some of MARK’s KanKan (KK) business that had been delayed (non-fintech) may have started to see some traction in 4Q18, especially in its retail segment. This strength seems to have continued into 2019. As a result, we remain comfortable that our ~$2M 4Q18 KK revenue estimate is achievable. As a reminder, MARK guided a fairly broad range of KanKan revenues (of ~$0.5-$4.5M) for 4Q18.”
According to TipRanks.com, Aftahi is a 5-star analyst with an average return of 10.9% and a 54.1% success rate. Aftahi covers the Technology sector, focusing on stocks such as Digital Turbine Inc, The Meet Group Inc, and Mitek Systems Inc.
Currently, the analyst consensus on Remark Media Inc is a Moderate Buy with an average price target of $7.50.
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Based on Remark Media Inc’s latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $3.77 million. In comparison, last year the company had a GAAP net loss of $89.15 million.
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Remark Holdings, Inc. focuses on the development and deployment of artificial-intelligence-based solutions for businesses and software developers in many industries. It wns and operates digital media properties that deliver content.
