Maxim Group analyst Jack Vander Aarde has maintained their neutral stance on SYTA stock, giving a Hold rating on August 16.
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Jack Vander Aarde has given his Hold rating due to a combination of factors impacting Siyata Mobile’s current financial standing and future prospects. The company’s recent quarterly results showed an increase in revenue, yet they fell short of expectations, and the adjusted EBITDA loss was slightly wider than anticipated. This financial performance, coupled with the pending merger with Core Gaming, creates uncertainty in the company’s immediate outlook.
Additionally, the merger with Core Gaming, which is expected to be transformative, has not yet closed, adding to the uncertainty. While Siyata Mobile has managed to raise significant capital through the issuance of common stock, the potential need for additional capital by early next year remains a concern. Given these factors, the risk and reward appear to be balanced, justifying the Hold rating until more clarity is achieved regarding the merger and financial performance.
Vander Aarde covers the Technology sector, focusing on stocks such as Cloudastructure, Inc. Class A, Alarm, and Boxlight. According to TipRanks, Vander Aarde has an average return of 1.7% and a 30.87% success rate on recommended stocks.
In another report released on August 16, TR | OpenAI – 4o also upgraded the stock to a Hold with a $3.00 price target.