CardConnect Corp Receives a Buy from BTIG

By Austin Angelo

BTIG analyst Mark Palmer reiterated a Buy rating on CardConnect Corp (NASDAQ: CCN) on November 10 and set a price target of $14. The company’s shares closed last Friday at $10.

According to TipRanks.com, Palmer is a 4-star analyst with an average return of 1.0% and a 56.4% success rate. Palmer covers the Financial sector, focusing on stocks such as Santander Consumer USA, Assured Guaranty Ltd, and Synchrony Financial.

Currently, the analyst consensus on CardConnect Corp is Moderate Buy and the average price target is $14, representing a 40.0% upside.

In a report issued on November 11, Cantor Fitzgerald also reiterated a Buy rating on the stock with a $12 price target.

Based on CardConnect Corp’s latest earnings report for the quarter ending September 30, the company posted quarterly revenue of $154 million and GAAP net loss of $22.08 million. In comparison, last year the company earned revenue of $0 and had a GAAP net loss of $113.9K.

CardConnect Corp. is engaged in the the business of payment and technology solutions. It involves in the development of advanced payment solutions with patented, PCI-certified point-to-point encryption and tokenization. The company operates through the CardPointe and CardSecure brands. The CardPointe brand offers small-to-medium business a platform that includes a reporting and transaction management portal which extends to a native mobile applications. The CardSecure brand is the solution offered to enterprise-level organizations as in integrated omni-channel payment acceptance into popular ERP systems such as Oracle, SAP, JD Edwards, and Infor M3-in a way that minimizes PCI compliance requirements and lowers transaction costs. CardConnect was founded in 2006 and is headquartered in King of Prussia, PA.