NEW YORK, NY--(Marketwired - January 19, 2017) - Staffing 360 Solutions, Inc. (NASDAQ: STAF), an international staffing services provider, announced its fiscal second quarter numbers last week, and after the company detailed double-digit growth in almost all categories, Greenridge Global Equity Research updated its coverage of the company. In its latest report, Greenridge Global maintained its Buy rating for Staffing 360 Solutions and released a $3.00 price target.
The Greenridge Global report can be viewed at: http://ow.ly/qUNR3088HQF
In Greenridge Global's recent coverage, analyst, William Gregozeski, CFA, highlighted a number of key points, including the latest revenue and gross profit figures, progress the Company has made with its balance sheet and recent refinancing of over $2 million in debt.
"Staffing 360 Solutions posted another quarter of improving operational results," stated William Gregozeski in his latest research report on STAF. "With the terms of the amended debt and the ongoing Series E offering, it looks like the Company should have more capital and flexibility to make acquisitions and generate more cash to pay down existing debt. With continued positive developments we are reiterating our Buy rating and $3.00 target price on Staffing 360 Solutions. Our target price is based on an EV/aEBITDA multiple of roughly 6.0 times our forward twelve month aEBITDA estimate of $6.3 million."
Greenridge Global's research report reflects Staffing 360's various improvements in its most recent quarterly financials. A summary of Staffing 360's financial results is presented below:
Summary of the Fiscal Second Quarter Ended November 30, 2016
- Revenue increased 14.0% to $47.1 million, compared to $41.4 million in the fiscal quarter ended November 30, 2015;
- Gross profit increased 8.4% to $8.1 million, compared to $7.5 million in the fiscal quarter ended November 30, 2015;
- Net loss attributable to common stock decreased 57.0% to $1.5 million*, compared to $3.4 million* in the fiscal quarter ended November 30, 2015;
- Adjusted EBITDA increased 10.1% to $1.4 million*, compared to Adjusted EBITDA of $1.3 million* in the fiscal quarter ended November 30, 2015.
Read the latest Greenridge Global Report here: http://ow.ly/qUNR3088HQF
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