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).
Don’t Miss TipRanks’ Half-Year Sale
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
- Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
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.
