Why Triterras Stock Popped This Morning
Shares of Triterras (NASDAQ: TRIT) popped as much as 17% this morning after the company announced a share-purchase program and provided an update to investors. The company is defending itself from a bearish report released by short sellers. As of 1 p.m. EST, the stock had given up much of those gains and was up just 3%.
Short seller Phase 2 Partners released a report a few days ago alleging that 75% of transactions on Triterras's blockchain-based trading platform Kratos are connected to company executives. Phase 2 Partners says it arrived at this conclusion after mining Ethereum data, and believes that only 6% of clients traded on the platform in November and December after a related company -- Rhodium -- fell into financial distress. Both Triterras and Rhodium were founded by Srinivas Koneru, who currently serves as Triterras's CEO.
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Source Fool.com
