Wed. May 29th, 2024

Key Points:

  • Canadian fintech company Mogo Finance Technologies announced that it bought back 474,353 shares of its stock in 2023, which led to a 3% increase in its stock price.
  • In total, Mogo has bought back 1.07 million shares over the last three years, reducing the total number of shares outstanding and improving its ownership structure.

Canadian fintech company Mogo Finance Technologies saw its stock price rise by more than 3% following the announcement of a buyback of its shares. The company bought back 474,353 shares in 2023, reducing its total outstanding shares and improving its ownership structure. Over the past three years, Mogo has bought back a total of 1.07 million shares, equivalent to 4.4% of its outstanding shares. While the buyback news alone was enough to boost the stock price, Mogo also has other developments in the pipeline. The company has partnered with Oracle Cloud to expand its reach and is working with Flash Forest to plant trees in high-severity burn zones. These initiatives make Mogo an attractive investment option in the environmentally sustainable investment market as well.

Is Mogo a Good Stock to Buy?

According to Wall Street analysts, Mogo stock has a “Moderate Buy” consensus rating, with two Buy ratings assigned in the past three months. The stock has rallied by 8.23% over the past year, and the average price target for Mogo is C$7.31 per share, implying a potential upside of 192.33%.

In conclusion, the buyback announcement from Mogo Finance Technologies has had a positive impact on its stock price. The company’s strategic initiatives, including partnering with Oracle Cloud and working with Flash Forest, also make it an attractive option for environmentally conscious investors. Wall Street analysts have a positive outlook on the stock, with a moderate buy consensus rating and a strong upside potential.

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