MW Near Intelligence's stock rallies 43% after Benchmark starts coverage with speculative buy rating

Near Intelligence Inc.'s stock $(NIR)$ rallied 43% Friday, after Benchmark initiated coverage of the stock with a speculative buy rating with analyst Mark Zgutowicz arguing it's undervalued. Near Intelligence is a software company that helps companies understand consumer behavior. It went public in May via a merger with a special-purpose acquisition corporation, or SPAC, but has languished ever since and is now trading more than 83% below its $10 issue price. Zgutowicz said the company is operating in a market with a total addressable market of $23 billion. "The relative scarcity value for NIR's data insights within international markets will allow for a greater share of global deals moving forward," the analyst wrote in a note. Near-to-medium term liquidity concerns are overstated and its subscription-based revenue, which accounts for about 90% of the total, " has factored considerable "overage" fees, suggesting NIR has reasonably attractive variable pricing levers with respect to its offerings," he wrote.

-Ciara Linnane

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July 07, 2023 13:28 ET (17:28 GMT)

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