The largest shareholder of Bitfarms indicated mid-week that it had increased its stake in the operator of several mining farms in Quebec.
Riot Platforms, a Nevada-based 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 Gildan’s renewed board of directors are beginning to reveal their purchase transactions on the stock 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 is launching a public buyout offer in the form of a “Dutch-style auction”. Offer ends 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 at the time of listing 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. Peter Drutz sold a batch of 6,000 shares on May 28 at a unit price of $18.01. He has been a board member for 22 years.
Montreal-based technological materials producer 5N Plus announced this week an expansion of the semiconductor supply agreement with its largest customer First Solar.
The two major credit rating agencies have now upgraded Bombardier’s rating this spring. S
The investor day organized by AtkinsRéalis on 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 Quebec mining company Aya Or
The Quebec stocks of Metro, Gildan, Osisko Royalty, Savaria, Bombardier, Héroux-Devtek and Banque Nationale all reached a 52-week high this week on the Toronto Stock Exchange.
On the other hand, those of Transat, Coveo, MolsonCoors and Pages Jaunes fell this week to a low of the last 52 weeks.
