Analysts continue to offer positive recommendations for mCloud Technologies Corp. (TSXV:MCLD) (OTCQB:MCLDF), a revolutionary, AI-powered asset management company.
To date, mCloud has gained more than 100 blue-chip clients and has connected over 35,000 assets in thousands of locations worldwide through its effective and strategic use of AI analytics, IoT, and drone technologies.
Shares of mCloud Technologies Corp. (TSXV:MCLD) (OTCQB:MCLDF) have steadily gained value over the past year. However, between the last week of 2019 and the first week of 2020, the stock made a sudden leap up the market.
This big move was spurred by the news that mCloud planned to raise C$10,000,000 through a fully subscribed private placement. The announcement saw investors flock to MCLD to acquire a position before the stock took off.
Between December 20 and January 6, MCLD rose from $4.00 to $5.72, representing a 43% increase in value in just over two weeks!
Since then, MCLD has held steady around the $5.70 mark, but analysts still see it going much higher.
mCloud Technologies Draws Analysts’ Attention
Two Wall Street analysts have offered mCloud Technologies Corp. (TSXV:MCLD) (OTCQB:MCLDF) an average 12-month price target of C$7.00, meaning the stock is currently trading at a 22% discount.
On top of that, the company has received a “STRONG BUY” recommendation from TradingView’s technical analysis. This algorithm-based analysis takes into account popular technical indicators such as moving averages and oscillators to give an overall assessment of the stock’s price and direction.
The site’s recommendation is led by a remarkable 15 moving averages pointing to MCLD’s viability. This indicates that mCloud can potentially offer investors value in both the short-term and the long-term.
mCloud Technologies Corp. (TSXV:MCLD) (OTCQB:MCLDF) has also received a “STRONG BUY“ recommendation from Investing.com’s Daily Technical Analysis summary. This is thanks to a whopping 11 Moving Average indicators suggesting “BUY” and eight Technical Indicators pointing to a “STRONG BUY”.
Finally, the technical analysis on Barchart has awarded mCloud Technologies Corp. (TSXV:MCLD) (OTCQB:MCLDF) a 100% “BUY” rating, based on all 13 indicators.
This puts MCLD’s signal strength in the top 1% of signals and indicates the strongest possible signal direction.
In addition to the technical analyses, Morningstar’s value assessment indicates that mCloud Technologies Corp. (TSXV:MCLD) (OTCQB:MCLDF) is undervalued at its current price. According to the assessment, MCLD is trading at a 13% discount.
As of January 21, mCloud is trading at C$5.70 on the CSE. This is 19.5% lower than Morningstar’s fair value price of C$6.81.
mCloud Closes C$11.5 Million Offering of Special Warrants
Last week, mCloud Technologies Corp. (TSXV:MCLD) (OTCQB:MCLDF) closed the previously announced private placement. The offering of 2,875,000 special warrants at a price of C$4.00 each led to aggregate gross proceeds of C$11.5 million. This includes the full exercise by the agents of an over-allotment option to acquire an additional C$1.5 million worth of special warrants.
The company intends to use the proceeds for working capital and general corporate purposes.
According to mCloud Technologies Corp. (TSXV:MCLD) (OTCQB:MCLDF) President and CEO Russ McMeekin, the offer attracted mainly institutional and international investors and positions the company very well for its upcoming uplisting to the TSX and its plan to list on the NASDAQ in the coming months.
Investors who are interested in the innovative technology space will definitely want to keep an eye on mCloud Technologies Corp. (TSXV:MCLD) (OTCQB:MCLDF).
Featured Image: mCloud Technologies
