+Cogint Inc (NASDAQ: COGT) is having an overwhelmingly strong start to the trading session in the pre-market hours this morning, and for good reason. The company announced the formation of a strategic alliance that is proving to be exciting to investors. Today, we’ll talk about the alliance, what we’re seeing from the stock, and what we’ll be watching for ahead.
COGT Gains On Strategic Alliance
As mentioned above, Cogint is having an incredibly strong start to the trading session in the pre-market hours this morning after announcing the formation of a strategic alliance. The company announced that it has formed a strategic alliance with Dragonchain, Inc., a blockchain-based company out of Seattle.
According to the press release, COGT and Dragonchain will be working together on the implementation of Cogint solutions, including asset tracking, identity verification, fraud prevention, and transaction security within the Dragonchain blockchain platform. Ultimately, the two are working toward a goal of integration of mission-critical business applications with the secure, serverless, scalable Dragonchain blockchain platform. Ultimately, this should empower businesses to adopt the Dragonchain blockchain platform for their daily business needs. In a statement, Derek Dubner, CEO at COGT, had the following to offer:
“We are excited to form an alliance with Joe, Eileen and the Dragonchain team… We are intrigued by Dragonchain’s application across disparate enterprises to drive secure transactions. We believe that combining Cogint’s differentiated abilities to deliver asset tracking, identity verification, fraud prevention, and secure transactions with the Dragonchain blockchain platform will accelerate adoption of the platform by enterprises, as well as instill confidence in counterparties and the investing public in not only Dragonchain but the emerging blockchain and cryptocurrency industries.”
What We’re Seeing From The Stock
As investors, one of the first things that we learn is that the news moves the market. Lately, any news associated with the blockchain has been strong market-moving news. So, it’s no surprise that with Cogint’s announcement of a move toward the blockchain, the stock is flying for the top. Of course, our partners at Trade Ideas were the first to alert us to the gains. At the moment (8:55), COGT is trading at $6.20 per share after a gain of $1.45 per share (30.53%) thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on COGT. In particular, we’re interested in following this collaboration and excited to see the fruits of the labor put in by both companies. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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