Point Roberts, WA - June 28, 2018 (Investorideas.com Newswire) Investorideas.com, a global news source and investor resource covering tech stocks reports on recent analyst coverage for NXT-ID, Inc. (NASDAQ: NXTD) following a corporate update on Flip, its contactless payment device for Bitcoin.
Maxim analyst, Michael Diana said in an equity research update following the news," 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.
Flip requires card network and bank approvals. NXTD has been "working hard to secure those approvals," and expects to "ship the initial pre-orders within the coming weeks and go into mass production soon after."
"We have no contribution from the Flip product in our estimates, so any revenue and Adjusted EBITDA would be incremental to our outlook. For now, we maintain our existing estimates.
Accordingly, we maintain our price target at $4. Our price target represents, relative to other payments companies, a discount to multiples of enterprise value (EV)/Revenues and a premium to multiples of EV/Adjusted EBITDA, reflecting NXTD's early stage of development. Based on our $4 price target, we reiterate our Buy rating."
Brian Kinstlinger, CFA and Managing Director Equity Research, Sr. Analyst Technology Alliance Global Partners also issued an update following the news saying, "NXTD subsidiary FitPay announced testing of its contactless payment platform for Bitcoin, Flip, is complete and initial pre-orders to be shipped shortly. We reiterate our Buy rating and $5 price target."
Recent company news:
NXT-ID Subsidiary FitPay® Provides Product Update on Flip - a Contactless Payment Device for Bitcoin
About NXT- ID, Inc.
NXT-ID, Inc. (NASDAQ: NXTD) provides a comprehensive platform of technology products and services that enable the Internet of Things (IoT). With extensive experience in access control, biometric and behavior-metric identity verification, security and privacy, encryption and data protection, payments, miniaturization and sensor technologies, NXT-ID develops and markets groundbreaking solutions for payment and IoT applications. Its industry-leading technology products and solutions include MobileBio®, a suite of biometric solutions that secure consumers' mobile platforms, the Wocket™, a next-generation smart wallet and the Flye, a digital credit card developed in collaboration with WorldVentures.
NXT-ID includes three mobile and IoT-related subsidiaries: LogicMark, LLC, a manufacturer and distributor of non-monitored and monitored personal emergency response systems ("PERS") sold through dealers/distributors and the United States Department of Veterans Affairs; FitPay, Inc., a proprietary technology platform that delivers end-to-end solutions to device manufacturers for contactless payment capabilities, credential management, authentication and other secure services within the IoT ecosystem, and 3D-ID LLC, which is engaged in biometric identification and authentication. Learn more about NXT-ID at www.nxt-id.com FitPay and the FitPay Payment Platform are the sole property of Fit Pay, Inc. For NXT-ID Inc. corporate information contact: NXT-ID Inc. Corporate Contact: firstname.lastname@example.org.
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