Mint Wireless (MNW) is retesting last week’s record high this morning after it reported strong sales momentum in its quarterly update.
Net operating cash inflows for the mobile payment solutions provider jumped to $248,000 in the September quarter compared with a $898,000 outflow in the previous quarter.
Demand for Mint’s services is stronger than the market had anticipated and the stock surged 15% in early trade to 41.4 cents.
The company had signed Bank of New Zealand and accounting software company MYOB recently and Bank of New Zealand has already placed a second order for Mint’s hardware to fulfil faster than anticipated take up of the service by small and medium sized businesses in that country.
Canaccord Genutiy is expecting further contract wins with large Australian banks and corporates to be a further share price catalyst over the medium term and is urging investors to buy the stock with a price target of 44 cents.