With four days of gains, shares of NXT-ID, Inc. (NASDAQ:NXTD) have reclaimed all the ground that they gave up this year. After a small advance on Monday, a little bigger one on Tuesday and a 19% gain on Wednesday, shares have ripped ahead over 70% on Thursday.
There was little news early in the week other than presenting at the Reach China Investment Conference (and releasing the presentation). After Wednesday's closing bell, though, investors apparently got excited about NXT-ID's new subsidiary Fit Pay, Inc. landing a deal to provide payment capabilities for Token, a biometric identity ring that streamlines authentication processes throughout the day.
"Token" is a play on the techie term for a unique digital identifier, a payment security technology that replaces cardholders account information to transact highly secure, contactless payment and authentication. Token is a biometric tech company founded by Melanie and Steve Shapiro, the founders of Digsby.
In what likely is the next generation of security, Token allows users to live keyless, cardless and free of passwords. Presale has begun for the identity ring (starting at $249), with orders slated to ship this December.
Innovative devices like Token help "push the adoption of contactless payments towards an inflection point," as stated by Fit Pay President Michael Orlando. The ring utilizes a two-factor authentication method to ensure only the user to have access to protected credentials. According to NXT-ID, the cutting-edge product replaces credit cards, house keys, passwords and more.
Investors didn't back off buying shares of NXTD as the closing bell approached, pushing the stock price to close over its 200-day moving average (a bullish sign to technical analysts) for the first time in almost a year.
Shares closed at the high of the day at $2.87, the second best close of the year and highest since January 18, for a gain of 72.8% on the day. Shares are up 115.9% on the week, flipping the stock to a gain for the year of 4.7%.
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