Roth Capital analyst Darren Aftahi maintained a Buy rating on RumbleON Inc (NASDAQ: RMBL) yesterday and set a price target of $12. The company’s shares closed yesterday at $8.03.
Aftahi wrote:
“We believe RMBL’s 3Q sales and units are likely to be stronger than expected given its ~100K cash offer milestone. We model for units/revenue of ~3,399/$23.6M, but estimate upside exists to ~4,200+/$29M+ when utilizing our ASP estimate of ~$6,900. We maintain valuation at sub 1x EV/’19E sales is unwarranted relative to its projected growth, improved visibility and positive trends surrounding cash offers and potential growth from new website launches.”
According to TipRanks.com, Aftahi is a 5-star analyst with an average return of 11.2% and a 51.3% success rate. Aftahi covers the Technology sector, focusing on stocks such as Digital Turbine Inc, The Meet Group Inc, and Mitek Systems Inc.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for RumbleON Inc with a $12.50 average price target, a 55.7% upside from current levels. In a report issued on October 10, Maxim Group also reiterated a Buy rating on the stock with a $13 price target.
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Based on RumbleON Inc’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $4.74 million. In comparison, last year the company had a GAAP net loss of $2.32 million.
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RumbleON, Inc. operates a capital light disruptive e-commerce platform facilitating the ability of both consumers and dealers to buy-sell-trade-finance pre-owned vehicles in one online location. It focuses on the market for vin specific pre-owned vehicles with an initial emphasis on motorcycles and other powersports.
