Canadian Blockchain Stock Soars on Financial Results

Bitfarms Ltd. (TSXV:BITF), a Canadian blockchain stock, climbed after announcing a 42% increase in Q3 revenue

Sean Mason | November 27, 2019 | SmallCapPower

Rising revenue and profitability powered a Canadian blockchain stock sharply higher Wednesday. Here’s some small stocks making big moves on Wednesday, November 27, 2019 (as of 4 pm EST):

Bitfarms Ltd. (TSXV:BITF), a Canadian blockchain stock, surged 11% to $0.63 on Wednesday after announcing that its third-quarter revenue jumped 42% to US$9.7 million, while swinging to a quarterly profit of US$4.3 million from a net loss of US$1.7 million during the same period last year.

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As well, shares of Troilus Gold Corp. (TSX:TLG) slipped 8% to $0.60 as the junior explorer said it has started a new 2,500 metre drill program at its 100%-owned Troilus property in Quebec.

Hudson’s Bay Company (TSX:HBC), meanwhile, reported that it has received a takeover offer from The Catalyst Capital Group Inc. at a price of $11.00 per share in cash. Hudson’s Bay Company stock popped 11% to $9.83 following the announcement.

Finally, VersaPay Corporation (TSXV:VPY) shares rose 10% to $1.60 after the cloud-based invoice presentment and payment provider announced that its third-quarter revenue increased 90% year-over-year to $2.23 million.

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Disclosure: Neither the author nor his family own shares in any of the companies mentioned above.

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