© Reuters. Is Penny Stock NXT-ID a Buy?
Nxt-ID (NXTD), a leading provider of technology products and services for healthcare applications, has experienced a significant drop in its stock price over the past month amid investor concerns over its vote on his proposed stock split to avoid delisting from the Nasdaq. Also, since the company has struggled to stay afloat, is the penny stock now a safe bet? Learn more to find out. A developing technology company, Nxt-ID, Inc. (NXTD), is engaged in the development and commercialization of solutions for healthcare applications, payments and the Internet of Things (IoT). The company’s expansion into new customer segments and the extension of its products to federal and state agencies against a backdrop of growing need for telehealth solutions enabled it to achieve 14% year-over-year revenue growth. in the second quarter ended June 30, 2021.
However, the penny stock is down 75% since the start of the year and 38% over the past month. Additionally, the stock is currently trading below its 50-day and 200-day moving averages of $ 0.62 and $ 1.06, respectively, indicating a downtrend.
Investor concern over voting on a reverse stock split of its common stock, due Oct. 15, 2021, to avoid delisting from the Nasdaq, could cause its shares to fall further. Additionally, NXTD’s low profitability and financial instability could make matters worse.
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