The integration of GoldMoney (GoldMoney Stock Quote, Chart, News: TSXV:XAU) with two of the largest global e-commerce transaction platforms, Shopify and Magento, could bring upside to the stock, says Clarus Securities analyst Noel Atkinson.
On the company’s fourth quarter earnings call Monday, GoldMoney CEO Roy Sebag said its Goldmoney platform (formerly called BitGold Business merchant services platform) would be integrated with Shopify and Magento by the fall.
Atkinson says he is impressed that GoldMoney was able to obtain approval to integrate on these platforms so quickly and says he sees real potential upside from them.
“We continue to see online merchant services as the #1 source of user and revenue growth for Goldmoney, and a positive reception from Magento and/or Shopify merchants could cause Goldmoney to significantly outperform our forecast model in FY2018 and beyond,” says Atkinson. “Magento has over 200,000 online merchants and handles US$50 billion of annual transaction volume (GMV), while Shopify reported 275,000 merchants (up 75% Y/o/Y) in 150 countries and over US$10 billion of annualized GMV as of March 31.”
In a research update to clients today, Atkinson maintained his “Buy” rating and one-year price target of $8.50 on GoldMoney. Shares of the company closed today up 2.9 per cent to $5.01.
About The Author /
Cantech Letter founder and editor Nick Waddell has lived in five Canadian provinces and is proud of his country's often overlooked contributions to the world of science and technology. Waddell takes a regular shift on the Canadian media circuit, making appearances on CTV, CBC and BNN, and contributing to publications such as Canadian Business and Business Insider.
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