The markets are open, and Delta Technology Holdings is moving up the ladder, trading as high as 200%. But why? Here’s a hint: it has to do with blockchain.
Delta Technology Holdings Limited (NASDAQ:DELT)
Founded 10 years ago, Delta Technology Holdings creates various chemical products and looks to improve the quality of human life by investing both time and money into green innovation.
What kind of products does Delta produce? Well, it tends to focus on creating a variety of agrochemical, pharmaceutical, and dye intermediate products. The company is also involved in the trading of chemical commodities.
Delta Technology first went public back in 2014 on the NASDAQ exchange and has since developed the reputation of being a company that researches and manufactures various products that are based on the demands of the new market.
What Happened Friday?
Now that we know a little bit more about the company, let’s dive into why Delta Technology is one of Friday’s top movers.
As of this writing, Delta is trading at $3.32, which puts the stock up $2.10, or 175%. Since surpassing 200% earlier in the trading day, Delta Technology Holdings has dropped, but the stock can be seen climbing up and down a few cents every second, making it seem possible for Delta Technology to once again be up more than 200% at some point in the session.
The stock increase started after a report surfaced from eTradeWire, which stated that Delta Technology is looking to move into the blockchain industry by creating a blockchain framework intended for the internet of things sector.
The Report
It’s not a total surprise that Delta Technology went soaring today, considering this is just the latest blockchain deal – just yesterday ChinaNet Online Holdings (NASDAQ:CNET) announced its pivot into the blockchain sector – and it would mean Delta would be working with companies that are extremely influential, such as Alibaba Group Holding (NYSE:BABA).
Keep in mind the report from eTradeWire specified that the company’s move into the world of blockchain has yet to be confirmed.
What do you think? Do you think this move will help Delta Technology in the long-run?
Featured Image: twitter
