MOGO Finance Tech CFO buys the blockchain breakout

Canadian Company Report from Nov 23, 2017

Adding a focus on blockchain capabilities gave the stock a big boost

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This report was originally published for INK Research subscribers on Nov 23rd 2017.

On June 15th, we highlighted Mogo Finance Technology (MOGO) for our subscribers in our Morning INK report. At the time, insiders including CFO Gregory Feller were buying. On Monday, we alerted our subscribers to the fact that Mr. Feller was buying again. Importantly, his buying took place into a rising market with the stock up more than 50% since our June report.

Most of those gains happened on October 30th when the company issued a press release that said, "It has added dedicated blockchain capabilities to accelerate its plans to integrate Bitcoin and other cryptocurrencies into Mogo's digital account as well as future new products." Looking ahead, management is targeting other product revenue and fees to represent at least 50% of total revenue by the end of 2018. It also is targeting to have 800,000 to 1 million members by the end of 2018, compared to about 500,000 members it has now. With those bold objectives on the table, it is encouraging to see continued insider buying at the firm including some more this seek.

Registered users can download today's INK company report for free to see who was buying and get our outlook on the stock.

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