Benzinga | Aug 6, 2021 04:29PM EDT

Dirtt Environmental Stock Gains As Raymond James Raises Price Target

* Raymond James raised the price target on Dirtt Environmental Solutions Ltd (NASDAQ:DRTT) to $4.75 from $3.75 and maintained the Outperform rating after its Q2 results. It implies a 9.2% upside from Thursday's closing price of $4.35.

* Dirtt Environmental's revenues for Q2 were $41.1 million, a slight decline of 2% year-over-year, beating the analyst consensus of $39.35 million, and the Cash balance stood at $58.3 million at the end of the quarter.

* EPS of $(0.11) missed the consensus of $(0.06).

* The company announced it would be resuming its annual sales event, Connext, in Chicago in October.

* Dirtt Environmental expects a slower pace of revenue growth recovery in the second half of 2021, with third-quarter revenue anticipated to be similar to the second quarter.

* Price Action: DRTT shares closed higher by 5.29% at $4.58 on Friday.