Saturday, February 27, 2021

Raymond James slashes price target on Mogo Inc. [MOGO] – find out why.

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Mogo Inc. [NASDAQ: MOGO] stock went on a downward path that fall over -17.73% on Monday, amounting to a one-week price decrease of less than -4.11%. The company report on February 22, 2021 that Mogo Announces US$54 Million Registered Direct Offering Priced At-the-Market.

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Mogo Inc. (NASDAQ:MOGO) (TSX:MOGO) (“Mogo” or the “Company”), a financial technology, digital payments and crypto company, announced that it has entered into definitive agreements with certain institutional investors for the sale of an aggregate of 5,346,536 common shares at a purchase price of US$10.10 per common share in a registered direct offering (the “Offering”) priced at-the-market under the Nasdaq Capital Market (the “Nasdaq”) rules. The aggregate gross proceeds to the Company are expected to be approximately US$54 million, before deducting placement agent’s fees and expenses of the Offering payable by the Company. The Offering is expected to close on or about February 24, 2021, subject to satisfaction of customary closing conditions.


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H.C. Wainwright & Co. is acting as the exclusive placement agent for the Offering.

Over the last 12 months, MOGO stock rose by 248.82%.

The market cap for the stock reached $356.93 million, with 40.29 million shares outstanding and 23.68 million shares in the current float. Compared to the average trading volume of 2.28M shares, MOGO stock reached a trading volume of 8630821 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Guru’s Opinion on Mogo Inc. [MOGO]:

Raymond James have made an estimate for Mogo Inc. shares, keeping their opinion on the stock as Outperform, with their previous recommendation back on July 23, 2020. The new note on the price target was released on August 16, 2019, representing the official price target for Mogo Inc. stock.

The Average True Range (ATR) for Mogo Inc. is set at 1.28

MOGO Stock Performance Analysis:

Mogo Inc. [MOGO] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -4.11. With this latest performance, MOGO shares gained by 97.77% in over the last four-week period, additionally plugging by 446.91% over the last 6 months – not to mention a rise of 248.82% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for MOGO stock in for the last two-week period is set at 59.15, with the RSI for the last a single of trading hit 55.40, and the three-weeks RSI is set at 60.96 for Mogo Inc. [MOGO]. The present Moving Average for the last 50 days of trading for this stock 5.22, while it was recorded at 9.96 for the last single week of trading, and 2.46 for the last 200 days.

Insight into Mogo Inc. Fundamentals:

Mogo Inc. [MOGO] Insider Position Details

There are presently around $27 million, or 7.10% of MOGO stock, in the hands of institutional investors. The top three institutional holders of MOGO stocks are: FORTRESS INVESTMENT GROUP LLC with ownership of 1,351,003, which is approximately 0% of the company’s market cap and around 30.08% of the total institutional ownership; RENAISSANCE TECHNOLOGIES LLC, holding 854,050 shares of the stock with an approximate value of $7.57 million in MOGO stocks shares; and BOOTHBAY FUND MANAGEMENT, LLC, currently with $1.91 million in MOGO stock with ownership of nearly New of the company’s market capitalization.

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10 institutional holders increased their position in Mogo Inc. [NASDAQ:MOGO] by around 989,306 shares. Additionally, 6 investors decreased positions by around 85,909 shares, while 5 investors held positions by with 1,993,766 shares. The mentioned changes placed institutional holdings at 3,068,981 shares, according to the latest SEC report filing. MOGO stock had 7 new institutional investments in for a total of 406,040 shares, while 3 institutional investors sold positions of 30,521 shares during the same period.

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