Maxim Group reaffirmed their buy rating on shares of NXT-ID (NASDAQ:NXTD) in a research report released on Tuesday morning. Maxim Group currently has a $5.00 price objective on the technology company’s stock.

“NXTD’s FitPay technology has built out a solid network of banks that position the company to become a leading payments platform for both the wearable and contactless payment industries. According to management, its payments technology is now being used on a second Garmin smartwatch and we believe that future Garmin watches are also likely to include FitPay. Our price target of $5 is based on a 10-year DCF assuming a 23% discount rate.”,” Maxim Group’s analyst commented.

NASDAQ NXTD opened at $1.98 on Tuesday. NXT-ID has a fifty-two week low of $1.01 and a fifty-two week high of $8.59. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.84 and a current ratio of 1.12.

In other NXT-ID news, COO Michael Joseph Orlando sold 10,000 shares of the stock in a transaction that occurred on Tuesday, March 13th. The stock was sold at an average price of $2.72, for a total value of $27,200.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last quarter, insiders sold 62,000 shares of company stock valued at $137,080. Company insiders own 19.15% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NXTD. Vanguard Group Inc. lifted its holdings in NXT-ID by 2.2% in the 2nd quarter. Vanguard Group Inc. now owns 76,010 shares of the technology company’s stock worth $144,000 after buying an additional 1,609 shares during the period. Bank of Montreal Can purchased a new stake in NXT-ID in the 4th quarter worth approximately $100,000. Finally, Millennium Management LLC purchased a new stake in NXT-ID in the 4th quarter worth approximately $145,000. Institutional investors and hedge funds own 2.90% of the company’s stock.

About NXT-ID

Nxt-ID, Inc, a security technology company, engages in the development of products and solutions for security, healthcare, finance, and Internet of Things (IoT) markets. It offers World Ventures SmartCard, a smartcard customized for WorldVentures, a travel company with approximately 500,000 members; and develops NXT SmartPay, a standalone solution with the ability to make payments on various devices through magnetic stripes, as well as through interaction with a terminal through EMC, near field communication (NFC), or barcode functionality.

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