|Bid||9.63 x 1300|
|Ask||9.71 x 1100|
|Day's Range||9.58 - 10.35|
|52 Week Range||0.73 - 12.29|
|Beta (5Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
Investors need to pay close attention to Mogo (MOGO) stock based on the movements in the options market lately.
Mogo Inc (NASDAQ: MOGO) has extended its Bitcoin (CRYPTO: BTC) cashback program to include MogoMortgage, according to a Monday press release. What Happened: The program, which Mogo initially offered as part of its Mogo Visa Platinum Prepaid Card and digital spending account, will allow customers to get a new mortgage with Mogo or refinancing an existing mortgage to receive up to $3,100 in bitcoin. The bitcoin would be deposited to the customers' bitcoin and rewards accounts. Why It Matters: As a Vancouver-based fintech company, Mogo is unique because it is the only mortgage, personal loan and investment services business that allows its customers to directly invest in bitcoin. With the mortgage market in Canada estimated to be worth $1.7 trillion, Mogo hopes to gain market share by offering its clients the ability to buy bitcoin securely through its services to help customers increase their wealth. “Unlike traditional reward programs, bitcoin rewards have the unique characteristic of being an asset class that can rise in value over time — $3,100 invested in bitcoin 5 years ago would be worth over $350,000 today,” said David Feller, founder and CEO at Mogo. To calm customer fears around directly investing in bitcoin, Mogo hopes its mortgage reward program will also draw in new but more crypto-weary customers. “Given the volatility and speculative nature of bitcoin, there’s an increasing number of Canadians who are looking for ways to participate without risking their own money, and our bitcoin rewards program meets this demand, Mogo said in the release. What’s More: The move comes as more companies and banks are offering customers options to invest and pay for products using bitcoin. Recently Morgan Stanley (NYSE: MS) announced it would offer its wealthiest clients the ability to invest in certain cryptocurrencies, and last week Tesla Inc (NASDAQ: TSLA) announced it would allow customers to pay for electric vehicles using bitcoin. Related Link: Why Buying A Tesla With Bitcoin Isn't Really A Good Idea — For Now (Photo by Dmitry Demidko on Unsplash) See more from BenzingaClick here for options trades from Benzinga5 Canadian Tech Companies To Watch As US Companies Continue to Seek M&A© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
There’s a lot to like about the latest developments at Mogo (MOGO). The Canadian fintech player’s just recently reported better than expected 4Q20 results, with revenue of C$10 million, coming in C$3.89 million ahead of the estimates. However, for H.C. Wainwright analyst Scott Buck, the most exciting aspect regarding Mogo concerns the company’s recent acquisition of wealth management provider Moka Financial Technologies. The $64 million all-stock transaction in the Canada-based saving and investments app will add roughly 500,000 new members to the Mogo platform and grow Mogo’s member base by over 40% to 1.7 million. The deal is expected to close in the second quarter. Moka has over C$250 million of assets under management, and Buck makes no bones about how transformative the acquisition could be. “We believe this purchase accelerates Mogo’s transformation into a full service digital wallet, and starts to put the company on equal footing with many large U.S. fintech peers,” the 5-star analyst said. “We believe this transaction, coupled with the company’s other strategic efforts, puts Mogo on a path towards three million members in the next three to five years. New member growth and a broader product suite are expected to drive top-line growth of between 80% and 100% as the company exits 2021.” All in all, Buck rates MOGO shares a Buy along with a $16 price target. Investors could be pocketing gains of 78%, should Buck’s thesis play out accordingly. (To watch Buck’s track record, click here) According to Buck’s colleagues there’s upside, too, albeit on a more modest scale; shares should gain ~31% in the coming months, going by the Street’s $11.74 average price target. Overall, the stock boasts a Strong Buy consensus rating, based on 3 Buys and 1 Hold. (See Mogo stock analysis on TipRanks) To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights. Disclaimer: The opinions expressed in this article are solely those of the featured analyst. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.