Spi Energy Co Ltd (ADR) (NASDAQ: SPI) is having an overwhelmingly positive day in the market today, and for good reason. The company announced news with regard to the blockchain, and like what we’ve seen with RCON, DPW, LFIN and others, blockchain news causes some serious excitement among investors. Today, we’ll talk about the news, what we’re seeing from the stock, and what we’ll be watching for ahead.
SPI Soars On Blockchain News
As mentioned above, Spi Energy is having a strong start to the trading session this morning, and for good reason. In a press release issued early this morning, SPI announced that it has established a blockchain-based infrastructure application division.
SPI said that the new blockchain-based infrastructure application division will be based in Palo Alto, California. The new division will explore blockchain-based infrastructure and e-commerce applications in global presence.
What We’re Seeing From The Stock
One of the first things that we learn as investors is that the news moves the market. As we’ve seen from RCON, DPW, and LFIN recently, blockchain related news tends to cause extreme excitement among investors, sending securities surging for the top. So, it’s no surprise that this is what we’re seeing from Spi Energy today. Of course, our partners at Trade Ideas were the first to alert us to the gains. At the moment (10:42), SPI is trading at $1.00 per share after a gain of $0.36 per share or 57.46% 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 SPI. In particular, we’re interested in following the company’s work with regard to the blockchain and excited to see the fruits of their labor down the road. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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