Crypto Whales Are Loading Up — Are You?
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Loop Capital started RetailMeNot Inc (NASDAQ: SALE) shares at Hold with a price objective of $11, as the brokerage is waiting for catalysts from mobile in-store business. The comments come after the stock recorded a 27 percent jump following the second-quarter earnings beat by 150 percent on August 2.
Analyst Blake Harper thinks RetailMeNot is aiming to be a destination platform for not only shoppers but also for partners with its retail customers' strength. Harper believes the company has the potential to accelerate revenue growth based on new technologies like restaurants and enhanced monetization from its mobile business.
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In 2015, the company faced a 6 percent drop in revenue, and 2016 recorded a fall of 4 percent due to weaker-than-expected ramp up of its mobile businesses and a drop in desktop business.
However, the brokerage believes mobile in-store business has potential to top predictions in 2017, citing mobile device usage growth among the shoppers. Furthermore, retailers are deploying different in-store promotional activities to boost their sales.
In a research note to clients, the brokerage said, "The company's mobile traffic flattened in 1H16, with 45 percent of its total traffic now on mobile. Mobile monetization has lagged desktop, which has created a revenue growth headwind for the past two years. However, the company has been improving the mobile/desktop monetization rate although from single digits into the 20 percent range."
The analyst sees mobile in-store and advertisement to recorded 26 –34 percent year-over-year growth to reach 23 percent of sales. The brokerage expects $90 million–$100 million in sales in 2017.
The stock closed Tuesday's regular trading at $10.75 gaining $0.05, or 0.47 percent, on the day. At time of writing Wednesday, the stock was flat on the day at $10.76.
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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.