NXT-ID Inc. (NASDAQ:NXTD)‘s stock had its “buy” rating reiterated by equities research analysts at Maxim Group in a note issued to investors on Wednesday. They currently have a $5.00 price target on the technology company’s stock. Maxim Group’s target price would indicate a potential upside of 96.85% from the company’s previous close.

The analysts wrote, “Using NFC technology from the NXTD subsidiary, Bee can make contactless payments and store up to 20 credit/debit cards at a time, and is integrated with key payments leaders such as MasterCard (MA – $142.49 – NR), Visa (V – $105.41 – NR), Discover (DFS – $60.49, NR), UnionPay (private) as well as others.””

Shares of NXT-ID (NXTD) opened at 2.54 on Wednesday. The company’s 50-day moving average is $1.92 and its 200-day moving average is $1.75. NXT-ID has a 52 week low of $1.21 and a 52 week high of $4.38. The firm’s market cap is $38.40 million.

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A hedge fund recently raised its stake in NXT-ID stock. Virtu KCG Holdings LLC grew its stake in shares of NXT-ID Inc. (NASDAQ:NXTD) by 1,806.4% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 256,052 shares of the technology company’s stock after buying an additional 242,621 shares during the period. Virtu KCG Holdings LLC owned approximately 2.67% of NXT-ID worth $479,000 as of its most recent filing with the Securities and Exchange Commission. 3.02% of the stock is currently owned by institutional investors.

About NXT-ID

Nxt-ID, Inc is a technology company. The Company is focused on products, solutions and services for security on mobile devices. The Company’s core technologies consist of those that support digital payments, biometric identification, encryption, sensors and miniaturization. It has three lines of business: mobile commerce (m-commerce), primarily through the application of secure digital payment technologies; biometric access control applications, and Department of Defense contracting.

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