Near Intelligence’s stock rallies 43% after Benchmark starts coverage with speculative buy rating

Near Intelligence Inc.’s stock NIR rallied 43% Friday, after Benchmark initiated coverage of the stock with a speculative buy rating with analyst Mark Zgutowicz arguing it’s undervalued. Near Intelligence is a software company that helps companies understand consumer behavior. It went public in May via a merger with a special-purpose acquisition corporation, or SPAC, but has languished ever since and is now trading more than 83% below its $10 issue price. Zgutowicz said the company is operating in a market with a total addressable market of $23 billion. “The relative scarcity value for NIR’s data insights within international…