Shares of Delta Technology Holdings Limited - Ordinary Shares DELT more than doubled Friday morning after an eTradeWire report noted the company is reportedly creating a blockchain framework for the internet of things industry.
What You Need To Know
Delta Technology, a China-based nano-cap company that investors in green innovation with a focus on chemical products, is reportedly partnering with Chinese giants like Alibaba Group Holding Ltd BABA, ZTE, and Huawei to create a blockchain framework for the internet of things specifically for the chemical industry, eTradeWire said.
Why It's Important
"If reports are true this represents an opportunity for Delta Technology Holdings to increase their profitability in today's economic environment and well into the future," the report said.
What's Next?
Delta Technology is the latest company to see its stock skyrocket on the mere mention of blockchain. Investors should be cautioned that the eTradeWire report makes it clear that Delta Technology's expansion to blockchain isn't confirmed. Naturally, speculation and rumor can lead to increased volatility and it could be possible for the stock to give up all of its triple digit percentage gain if there is no official news in the coming days to confirm the report.
At time of publication, the stock traded up 241 percent at $3.88 per share.
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