Srax price target lowered to $4.50 from $7.50 at B. Riley

B. Riley analyst Mike Crawford lowered the firm’s price target on Srax to $4.50 from $7.50 and keeps a Buy rating on the shares. The target drop reflects a new accounting practice implemented for Sequire investor intelligence platform revenue recognition, where securities received for services performed are marked to a fair value discount based on marketability and liquidity considerations, at roughly a 30% discount to par value of securities received, Crawford tells investors in a research note.