Crypto Whales Are Loading Up — Are You?
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After revising Nic. Inc’s (NASDAQ:EGOV) estimates to see the impact of recent contract expirations, Imperial Capital analyst Jeff Kessler raised his rating from In-Line to Outperform with a 12-month price target of $23.
“We continue to believe that NIC’s business model gives it significant competitive advantage over other service providers that typically use a time-and-materials project-based pricing approach that is less customizable for the client, and is harder to turn into a long-term relationship,” Kessler said.
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Even with the loss of revenue and profit from the Tennessee and Iowa portal contracts, Kessler remains confident in Nic’s management team.
Additionally, he noted, “About 90% of NIC’s revenues are recurring and shared on a per-click basis, with typical contracts ranging from 3 to 7 years in length. Not including the local business, we estimate the eGovernment market opportunity at over $1.5bn, compared to NIC’s LTM revenue of $323mn.”
Nic was up nearly 2 percent at $19.10 in Monday’s trading session.
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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.