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Cogint, Inc. (NASDAQ: COGT) shares rallied Tuesday in reaction to its positive pre-announcement. Chardan noted that the company announced preliminary third quarter revenues of $51 million to $52 million, ahead of its $43.2 million estimate and the second quarter's $41 million.
Analyst James McILREE noted that the company's 2016 and 2017 revenue guidance were ahead of expectations. Gross margin is estimated to fall 24-26 percent from 28 percent in the second quarter.
Chardan said its third quarter EBITDA margin forecast of a 40 basis point sequential drop is now too high, given the company's soft gross margin guidance. Despite the margin pressure, the firm believes it's manageable and can rebound to typical levels over the coming quarters as its idiCore product becomes a bigger part of the mix.
Chardan has a Buy rating and $12.50 price target on shares of the company.
At time of writing, shares of Cogint were up 3 percent at $3.45. The stock hit an intra-day high of $3.82.
Crypto Whales Are Loading Up — Are You?
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.
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