The tech sector is one of the strongest in the stock market. It consists of many different futures, such as medical or technological companies, as well as internet stocks. However, all of them proved quite profitable, even amidst the coronavirus pandemic. At least, they fare much better than the other sectors.
Mohawk is a part of the consumer tech industry. The company’s AI system analyzes real-time shopping data to determine what customers want from in-home items such as appliances, kitchen sets, beauty products, and other homewares. Mohawk uses that information to guide product development, as well as production and shipping.
According to the reports, the stock’s first-quarter revenue will come in the range of $25 to $26 million. Such numbers prove the company’s fundamental soundness. Especially, considering the current crisis caused by coronavirus pandemic. Despite the unsavory circumstances, Mohawk grew by 43% year-over-year, which is definitely a strong result.
The company’s shares have surged forward by 32% during the last month. They are now trading at $2.23 per share. However, several experts think that Mohawk is still undervalued.
Allen Klee, National Securities’ analyst, advises buying this stock until the price grows more. Mohawk has significantly faster growth rates than other CPG Companies. According to Klee, this stock can be viewed as a mix of CPG and a software/machine learning company.
Furthermore, Mohawk’s fundamentals remain solid, and the pullback in the stock is not warranted as the company is positioned to outperform in the current challenging economy.
Klee raised his price target to $9.00 for the stock, implying an awe-inspiring upside potential of 304%. And while the company is considered as a penny stock right now, if the average price target of $9.00 will be reached over the next year, it will lose that status. That’s why it’s better to grab shares now, until the price skyrockets.
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