Nxt-ID, Inc. (NXTD) stock had been on a bullish path since it announced being awarded a U.S. General Services Administration Contract on December 15. The stock gained a further 17.71% at $4.72 in the previous market session. Following the gains, NXTD fell under corrections in the premarket session. At the time of writing, the stock was down by 8.4746% at $4.32 with 93.45K shares exchanging in the premarket.
Nxt-ID, Inc. works in the provision of technology products and services for healthcare applications that enable the Internet of Things (IoT). Currently, the 8.86 million outstanding shares of the company trade at a market capital of $35.54 million.
What is Happening with NXTD?
Since the announcement of December 15, the NXTD stock has continued a bullish momentum while it did suffer a bit from profit booking. The rally in the stock has caused it to gain 74.17% in the past five days alone. Furthermore, NXTD had added 63.32% in the past month and 31.18% in the past three months. Moreover, the stock has a year-to-date loss of 70.50%.
On December 27, the stock reached a high of $4.87 after nearly two months. The stock’s gains since the news announcement added to the high value attained on Monday, caused it to crash premarket. Hence, the stock became bearish in the premarket session due to corrections.
NXTD’s New Contract
As per the contract, NXTD will bring its personal emergency response systems (PERS) to federal, state, and local government purchasers as of Q3 2021. Hence, this will result in the company’s life-saving technology being directly available to Veterans Health Administration and other such agencies. Moreover, this will also ensure better security and safety at a much economical price.
According to the CEO of NXTD, Chia-Lin Simmons, the company’s products let special-care-need people live knowing that NXTD is always available when needed. Moreover, the company aims to improve the lives of seniors and other special-care-need people economically.
Financial Analysis
On November 12, the company announced its financial results for the third quarter of 2021, which ended on September 30, 2021.
In the third quarter of 2021, NXTD generated revenue of $2.4 million, which marks a 10% year-over-year decline.
Moreover, the company incurred a net loss of $0.7 million in the third quarter of 2021, against $1.1 million in the year-ago quarter. Subsequently, the net loss per share was $0.12 and $0.32 in the Q3 of 2021 and 2020, respectively.
