Globe says Taylor keeps Patriot One Tech at "hold" Globe says Taylor keeps Patriot One Tech at "hold"
Patriot One Technologies Inc (C:PAT)
Shares Issued 150,728,622
Last Close 12/14/2020 $0.44
Tuesday December 15 2020 - In the News
The Globe and Mail reports in its Tuesday, Dec. 15, edition that Canaccord Genuity analyst Doug Taylor says Patriot One Technologies' first quarter 2021 results failed to meet his expectations. The Globe's David Leeder writes in the Eye On Equities column that accordingly, Mr. Taylor says he is "looking for better direction" from the firm's new leadership. He says in a note: "October Q1 results continue to show a slower than anticipated commercial revenue ramp. Shares traded down 8 per cent after results were released pre-market on Friday. With a new CEO at the helm -- Peter Evans joined a month ago -- we are looking for Patriot One to produce evidence that its products are achieving commercial success before we recommend the shares. With no evidence yet in the Q1 results, we are once again flattening our forecast. While the company's multi-sensor gateway product was released in the quarter, the company continues to pursue initial deployments. We note that the impact of COVID-19 on target markets has likely led to ongoing delays in hardware sales." Mr. Taylor shaved 25 cents from his share target, taking it to 50 cents. He is the lone analyst covering the stock. Mr. Taylor rates the shares "hold."
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