Near Intelligence Shares Surge After Benchmark Initiates Coverage

Dow Jones

Jul 08, 2023

By Dean Seal

Shares of Near Intelligence are soaring after a Benchmark analyst initiated coverage of the company and set a $3 price target on its stock.

The stock was up 44% at $1.70 at noon on Friday. Shares are down significantly from a high of $18.65 hit in March after Near Intelligence went public by combining with a special purpose acquisition company.

Benchmark analyst Mark Zgutowicz gave Near Intelligence a "speculative buy" rating, saying in a research note that the company is fulfilling enterprise demand for geolocation data on an industry-leading global scale, with strong competitive advantages for capturing the $23 billion total addressable market.

The data-intelligence firm's shares are currently undervalued given the relative scarcity value for its data insights within international markets, which will allow for a greater share of global deals moving forward, Zgutowicz said.

Deterioration in the company's revenue retention will likely stabilize soon, and its near-to-medium term liquidity concern is overstated, the analyst said.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

July 07, 2023 12:22 ET (16:22 GMT)

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Shares are down significantly from a high of $18.65 hit in March after Near Intelligence went public by combining with a special purpose acquisition company. \n\n\n  Benchmark analyst Mark Zgutowicz gave Near Intelligence a \"speculative buy\" rating, saying in a research note that the company is fulfilling enterprise demand for geolocation data on an industry-leading global scale, with strong competitive advantages for capturing the $23 billion total addressable market. \n\n\n  The data-intelligence firm's shares are currently undervalued given the relative scarcity value for its data insights within international markets, which will allow for a greater share of global deals moving forward, Zgutowicz said. \n\n\n  Deterioration in the company's revenue retention will likely stabilize soon, and its near-to-medium term liquidity concern is overstated, the analyst said. \n\n\n \n\n\n  Write to Dean Seal at dean.seal@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  July 07, 2023 12:22 ET (16:22 GMT)\n\n\n  Copyright (c) 2023 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":true,"need_login_tip":false,"code":"91000000","status":"200"}}}