Mogo Finance Technology (MOGO) stock surged on Wednesday after the company revealed plans to create a crypto treasury. Its Board of Directors has approved $50 million to build a long-term commitment to Bitcoin (BTC).
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Mogo Finance Technology highlighted its long history with Bitcoin, including the creation of the first Bitcoin account in Canada. It was also the third U.S.-listed company to add the crypto to its balance sheet. Company President and co-founder Greg Feller said, “This allocation gives us the flexibility to build a meaningful position over time as part of a disciplined, multi-year strategy.”
MOGO stock was up 80.99% in pre-market trading on Wednesday, following a 3.97% drop yesterday. The shares have also fallen 11.03% year-to-date and 18.24% over the past 12 months. Today’s rally came with 33 million shares traded, compared to a three-month daily average of about 250,000 units.
Is Mogo Stock a Buy, Sell, or Hold?
Turning to Wall Street, there’s only one analyst who has covered Mogo Finance Technology in the past three months. H.C. Wainwright analyst Scott Buck rates MOGO a Buy with a $4 price target, representing a potential 230.58% upside for the shares.
