Bitfarms’ largest shareholder indicated mid-week that it had increased its stake in the operator of several mining farms in Quebec.
Riot Platformsa Nevada bitcoin miner whose shares are listed on the NASDAQ, reported Wednesday that it holds a 12% stake in Bitfarms. A week earlier, Riot said it had accumulated a 10% stake and revealed it had made a purchase proposal to Bitfarms management.
The company operating bitcoin blockchain computer centers in Saint-Hyacinthe, Farnham, Magog, Cowansville, Baie-Comeau and Sherbrooke deemed Riot’s offer too low and continues to explore its strategic options.
On the stock market since 2019, Bitfarms is worth more than a billion dollars and is still looking for a CEO since the announcement, earlier this spring, of a transition at the head of the Brossard company.
Elected at the end of May, the members of the renewed board of directors Gildan are beginning to reveal their purchase transactions on the title of the Montreal clothing manufacturer. Michael Kneeland, Michener Chandlee and Ghislain Houle purchased a total of nearly 20,000 shares of Gildan between May 31 and June 4. These transactions have a total value of approximately $1 million.
The rate cut announced by the Bank of Canada mid-week did not really have an impact on the securities of Canadian banks, which suggests that the decision was widely expected and discounted by investors. Further rate cuts and the speed with which they come will help allay concerns about potential loan losses from financial institutions and should help support growth in loans granted.
For the second year in a row, Coveo launches a public takeover offer in the form of “Dutch auctions”. The offer will end on July 10. The Quebec company specializing in artificial intelligence applied to e-commerce is offering to repurchase up to $50 million in shares in a price range of $7.70 to $9.25. Last July, Coveo repurchased $31.5 million worth of stock after offering to repurchase up to $40 million worth of stock. Coveo then repurchased 3.7 million shares at an average price per share of $8.50.
Coveo also announced this week its intention to renew its normal course issuer bid. These share buyback initiatives certainly have the potential to support the stock which continues to trade far from its initial price of $15 set when it was listed on the stock exchange three years ago.
An administrator at Savaria has just sold nearly $110,000 in shares of the Laval company specializing in accessibility for people with reduced mobility. On May 28, Peter Drutz sold a lot of 6,000 shares at a unit price of $18.01. He has been a member of the board of directors for 22 years.
The Montreal producer of technological materials 5N Plus announced this week an expansion of the semiconductor supply agreement with its largest customer First Solar.
The two main credit rating agencies have now raised the rating this spring to Bomber. S&P did so this week while Moody’s did so in early May. However, Bombardier does not yet have an investment grade rating (investment grade rating), which generally results in cheaper borrowing costs. RBC analyst James McGarragle believes Bombardier could return to an “investment grade” rating by 2026. Bombardier has lost its rating investment grade in the fall of 2004 at Moody’s and S&P. It’s been 20 years!
Investor day organized by AtkinsRealis Thursday has the potential to support the action of the former SNC-Lavalin. Management should present its short and medium term targets. CIBC analyst Jacob Bout expects executives to discuss growth prospects and specify how profit margins can improve.
The title of the Quebec mining company Aya Gold & Silver will be added to the main Toronto Stock Exchange index on June 24. S&P Dow Jones Indices made the announcement late Friday as part of the quarterly rebalancing of the S&P/TSX index. The move comes as the price of gold hit a record high this spring. Being part of major stock market indices is important for the associated prestige, visibility and recognition. This can also affect demand for stocks since index funds adjust for changes in order to replicate indexes by owning the securities that comprise them.
Quebec titles of Metro, Gildan, Osisko Royalties, Savaria, Bomber, Héroux-Devtek And Bank National all hit a 52-week high this week on the Toronto Stock Exchange.
On the other hand, those of Deckchair, Coveo, MolsonCoors And Yellow Pages fell this week to a 52-week low.