Mogo Finance Technology sees insider buying as stock rises

Mogo Finance Technology (Mogo Finance Technology Stock Quote, Chart, News: TSX:MOGO) is one of the best performing Canadian tech stocks this year, but at least one insider is betting that the stock will go higher still.

On Wednesday, November 15 and on the following Thursday, Mogo President and CFO Greg Feller bought 13,700 shares and 5000 shares, respectively. Feller’s two day investment into the company totaled $113,998.

Shares of Mogo spiked recently on a pair of press releases. On October 30, the company announced that it had added dedicated blockchain capabilities and plans to integrate Bitcoin into its digital account. Mogo said it would add new products and features employing blockchain technology.

“Canadians, especially tech savvy millennials, want a safe, trusted and easy way to own and ultimately use Bitcoin and other cryptocurrencies,” Greg Feller said. “Mogo’s app was built to provide consumers with an easy way to manage their financial health. Adding these capabilities to our existing multi-product mobile account will provide a compelling value proposition that is unique in Canada. Perhaps most importantly, we plan to leverage the power of our technology platform to reduce transaction costs and make these products accessible to more Canadians.”

Then, on November 14, Mogo announced that the former head of PayPal Canada, Darrell MacMullin, had joined the company and would firm up the company’s crypto offerings, among other duties.

“The digital transformation of financial services in every segment is accelerating,” MacMullin said. “The Mogo brand is uniquely positioned with millennials in Canada, and Mogo’s modern, mobile first experience is set up well to be a leading engagement platform to deliver new financial services and tools to Canadians as the Company expands their product offering and grows their member base. I’ve been very impressed with the caliber, experience and scale potential of Mogo’s fintech team of almost 250.”

Shares of Mogo Finance Technology closed Monday up 2.3 per cent to $6.21.