- B. Riley analyst Craig Ellis raised the price target on Identiv Inc INVE to $31 from $26, implying a 37.8% upside, and reiterated a Buy following the Q3 beat.
- The analyst believes the company is "approaching a high-volume" internet of things inflection, led by its "differentiated" identity IoT offerings.
- The security technology company reported third-quarter FY21 revenue growth of 17% year-on-year to $29.1 million, beating the consensus of $25.3 million.
- EPS of $0.09 beat the consensus of $0.05.
- Identiv sees FY21 revenue of $103 million - $105 million, above the consensus of $89 million. It sees FY22 revenue of $130 million - $135 million, above the consensus of $106.4 million.
- "In the third quarter of 2021, our growth momentum continued, positioning us for a strong finish to 2021 and an exciting 2022, especially within our Identity segment, driven primarily by RFID growth," CEO Steven Humphreys said.
- Price Action: INVE shares traded higher by 14.27% at $22.50 on the last check Wednesday.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.