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Triterras, Inc. - Trade It Long, Own It When

Jan. 21, 2021 9:18 AM ETTRIRF1 Comment
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  • TRIT spoke at a Northland Capital online pitch yesterday. Most of the meeting focused on a back and forth between the analyst and management and a recent short report.
  • Management reaffirmed that numbers are on track as guided in December 2020 in response to another bear call: strong top line growth, reduction in affiliate revenues, and high profit margins.
  • Blockchain data suggested a high % business driven by few platform users that casts doubt; TRIT has been using a new platform since December 2020 mitigating this concern (flawed data).
  • Further, claims that TRIT advisors have conflicts of interest and are shady were addressed, as Singapore domicile requires companies to have administrators/advisors that represent many other companies in the region.
  • On insider trading, because the Company is a foreign issuer (Cayman), management does not have to file with the SEC for purchases; only for sales.  TRIT's paperwork is in process to allow for its publicly announced $50MM corporate buyback, which may commence as soon as today/tomorrow.  Since the Company's fiscal year ends 02/28/2021, audited number are not due until mid-May 2021  We look for M&A or contracts news combined with a potential large company buyback in the open market as catalysts.  That said, all we have to go on with TRIT are more statements and PR by management.  Though we sense a violent bullish trading move in the stock near-term in a relief rally ($10-$12 range), we need to see confirmation of insider BUY's, the Company buyback, and audited numbers on file with SEC to revisit the name for investment.

TRIT Presentation at Northland Capital


TRIT Response To Short Report

Triterras Company Statement in Response to Short Report

TRIT Cap Table @ $8


Analyst's Disclosure: I am/we are long TRIT.

We remain cautious on TRIT pending the need to see confirmation of insider purchases, a corporate buyback, use of a new platform mitigating short's analysis of blockchain data and a PCAOB audit for FY21 (ending 02/28/2021). That said, at a double bottom on the chart with substantial volume and the stock on the hard to borrow list, a long trade back to $10-$12 is in order, in our view. Additionally, recent weakness in Bitcoin, Ethereum and Altcoins has no bearing on TRIT, as its platform is written on Ethereum but conducts business in fiat currencies, which may further provide a buying opportunity for experienced traders.

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