Sections of Triterras (NASDAQ: TRIT) aired today after an analyst started trading on the company ‘s better – rated stock.
The tech stock went up as much as 20.8% today, but lost many of those gains and ended the day up 4.9%.
Oppenheimer analyst Owen Lau started a broadcast of Triterras with an improved rating and a price target of $ 23 per share late yesterday. Investors jumped on that news today and pushed the fintech company’s stock up early in the day.
Triterras ’main product is the company’s trading and trading finance platform, Kratos. The company says Kratos “connects and enables traders to obtain trading goods and capital from lenders directly online.”
Lau believes that Triterras has an “exciting paper-to-electronic opportunity” by using blockchain technology to change the way crafts are made. The company says the use of blockchain technology makes its trading documents more secure, and allows for faster and more efficient trading.
Investors seemed to agree with Lau’s assessment of the company today and push higher shares.
Triterras is new to the market and did not start trading publicly on November 11th. Despite a share price pop today, the stock is up just 7.4% since the company went public. Considering the company’s shares jumped so quickly on an analyst’s note today and Triterras shares have not been publicly traded for a long time, investors may want to proceed cautiously with this stock.