Delta Technology Holdings Ltd (NASDAQ: DELT) has seen some strong gains in the market as of late, as rumors have been circling the company for days. Today, we’ll talk about the rumors, how the company has responded to them, and what we’ll be watching for with regard to DELT ahead.
DELT Is At The Center Of Blockchain Rumors
As mentioned above, Delta Technology Holdings has had an incredible run in the market over the past few trading sessions. This is ultimately the result of rumors. Last week, rumors broke that the company is the newest in a group of companies that are working to break into the blockchain space.
According to the rumors, DELT is getting involved with giants like Alibaba Group (BABA), Huawei, and ZTE (ZTCOF). The rumors suggest that the companies will work together to create a blockchain framework for the Internet of Things.
However, DELT released a press release early this morning refusing to comment on the rumors. The meat of the press release is as follows:
“Delta Technology Holdings Limited (DELT) announced that, the NASDAQ Stock Market (“NASDAQ”), in accordance with its usual practice, contacted the Company in view of the unusual market activity in the Company’s ordinary shares. In responding to the NASDAQ, the Company stated that its policy is not to comment on unusual market activity or rumors.”
What We’re Seeing From The Stock
Regardless of whether or not DELT wants to comment on the rumors, they are definitely leading to excitement among investors. In fact, the stock is seeing tremendous gains in the market today, following up on the movement that we saw late last week. At the moment (10:58), DELT is trading at $2.55 per share after a gain of $0.73 per share (40.11%) 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 DELT. In particular, we’re interested in following the company to see if there is any validity to the rumors. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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