© Reuters. Is Bridgeline Digital a Good Tech Stock to Add to Your Portfolio?
While technology company Bridgeline Digital’s (BLIN) top line surged in its last reported quarter, the company’s losses widened. So, is it wise to add the stock to one’s portfolio based on the company’s consistent product and services innovation? Let’s discuss. Read on.Burlington, Mass.-based digital engagement company Bridgeline Digital, Inc. (BLIN) serves more than 2,500 clients across more than 100 countries. The company’s customers include Caterpillar Inc. (NYSE:), AstraZeneca PLC (NASDAQ:), and CVS Health Corporation (NYSE:). On July 2, 2021, BLIN announced that it had received more than $2.50 million in cash due to warrant exercises, bringing its cash balance to approximately $6 million. Investors’ optimism surrounding this news may have helped the stock soar to its 52-week price high of $14.38 on July 6, 2021.
However, the stock has lost 21.8% in price over the past month and 51.4% over the past three months to close yesterday’s trading session at $2.66. It is currently hovering near its 52-week low of $2.17, which it hit on May 11, 2021.
BLIN faces intense competition from other players in the crowded digital space. Furthermore, its losses widened significantly in the third quarter. So, BLIN’s near-term prospects look bleak.
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