Net Element International Inc (NASDAQ:NETE) completed another session of solid stock trajectory driven by its robust quarterly results. Meanwhile, SeeThruEquity, a renowned research firm has also released its update on the company highlighting its achievements during its third-quarter.
The journey so far
The equity research firm applauded Net Element International Inc (NASDAQ:NETE) for its above par top line growth in the third quarter of 2015. The report said that the company posted year-over-year revenues growth of 110% to $12.68 million. The revenue break-up consists of $7.83 million accruing from US transaction processing, $2.80 million from mobile payments and the remaining $2.05 million from PayOnline under the head of online payments.
In addition to solid revenues, the company also reported earnings per share of ($0.07), which marked a great improvement year-over-year. The quarterly report also sees inclusion of results from PayOnline, which is an online transaction processing services provider. PayOnline boasts of more than 10 million active consumers and a wide network of merchants across Europe, Asia, and the Russian Federation.
Control on outstanding debt
Based on the company’s impressive quarter and the inclusion of results of PayOnline, SeeThruEquity has projected a one-year price target of $5.17 per share for the company’s stock. The research firm mentioned in its report that Net Element International Inc (NASDAQ:NETE) reported a cash of $0.3 million and current liabilities worth $14 million in its quarterly report. The company has a working capital deficit amounting to $3.2 million.
SeeThruEquity highlighted the company’s efforts to lower down its outstanding debt and anticipates the company’s top line growth to translate into cash flow in the coming period. At the same time, the research firm expressed the need for the company to raise capital to fund its operations and future growth plans.
The stock of Net Element International Inc (NASDAQ:NETE) rose by a whopping 55.84% to close the last trading session at $0.240.