Namaste Technologies Up More than 70% for the Year-to-Date

Namaste Technologies

When Namaste Technologies (TSXV:N) (OTCQB:NXTTF) CEO Meni Morim told Proactive Investors that his company was prepared to “attack 2020,” he wasn’t kidding.

Since the start of the year, the leading cannabis e-commerce company has received a lot of favorable attention from Wall Street analysts and has made serious progress towards capitalizing on expanded product offerings for Cannabis 2.0.

As pot stock watchers could expect, all this news and attention has driven N shares through the roof.

Namaste Technologies

Namaste Technologies (TSXV:N) (OTCQB:NXTTF) ended 2019 on an upswing, growing from $0.31 to $0.41 between December 30 and January 2. Then, after a mild start to the month, the stock took off on January 13.

Since then, N stock has had a rocket strapped to its back. In the last two weeks, its value has doubled from $0.35 to $0.70, representing 70.7% growth for the Year-to-Date.

And, according to several stock analysis websites, Namaste has a lot of value still to offer.

Namaste Technologies Awarded Multiple “BUY” Ratings

A stock doesn’t perform this well without drawing attention from analysts and experts.

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Investing.com’s Technical Analysis is offering investors a “STRONG BUY” recommendation for Namaste Technologies (TSXV:N) (OTCQB:NXTTF). This is based on 12 moving averages and 6 technical indicators pointing to the value of N shares.

No element of the site’s technical analysis points to a selling position.

Namaste Technologies

Likewise, TradingView’s Technical Analysis is recommending a “BUY” position for Namaste Technologies (TSXV:N) (OTCQB:NXTTF).

Of note, 16 moving averages are indicating a “STRONG BUY” for N shares, with no averages pointing to a “Sell” and only one indicating a “Neutral” position.

Both TradingView and Investing.com’s analysis is based on Namaste’s shares on the TSX Venture Exchange. It’s also worth looking at the company’s stock on the OTCQB for a more thorough understanding of its overall position.

NXTTF shares are currently trading at $0.51, representing an incredible 121.74% jump in value since the start of 2020.

While these kinds of returns would give any investor cause to celebrate, there’s reason to believe Namaste Technologies (TSXV:N) (OTCQB:NXTTF) hasn’t hit its ceiling yet.

Namaste Technologies

Morningstar’s Value Assessment indicates that Namaste is undervalued at its current price.

According to the assessment, a “fair value” for NXTTF is $0.87. This points to a 70% upside from the stock’s current price of $0.51.

Investors who are looking for a strong position in the cannabis e-commerce space should take a close look at Namaste Technologies (TSXV:N) (OTCQB:NXTTF). So far, it has shown incredible gains in 2020, and as the CEO says, it’s got plenty of gas left in the tank.

Featured image: DepositPhotos © gustavofrazao

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