Dogecoin Now in ATM Machines
Plus, Nio's terrible earnings.
Today is Friday, March 25, 2022.
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Dogecoin Now in ATM Machines
The price of Dogecoin increased about 15% this week after a virtual currency exchange added the popular cryptocurrency to Bitcoin ATM Machines (BTMs).
Details: Virtual currency exchange Bitcoin of America announced Wednesday that it was adding Dogecoin to BTM locations. Bitcoin of America, which added Ethereum to its BTMs in October 2021, has 1,800 locations across 31 states.
Numbers: Dogecoin jumped from over 11 cents on Tuesday to 12 cents on Wednesday and 13 cents by Thursday.
Background: Dogecoin, which is considered to be one of the most popular crypto coins, hit an all-time high last May. The price has since lost over 70% of its value largely due to headwinds in the crypto market. There are also some concerns that Dogecoin may not have much value beyond meme status.
Final Thoughts: While Dogecoin is still considered to be just a meme coin to some, it has grown to be one of the most popular cryptos in the past year.
Notable Earnings Today: BRP (Nasdaq: DOOO), Privia Health Group (Nasdaq: PRVA), Delcath Systems (Nasdaq: DCTH), Movado Group (NYSE: MOV), POINT Biopharma Global (Nasdaq: PNT), Truly International Holdings (OTCMKTS: TRUHY).
Notable IPOs Today: N/A.
Notable Equity Crowdfunding Campaigns Ending Today: PhorMed (StartEngine), Guardian Athletics (NetCapital), 66 Greenpoint (MainVest), Lifted Genetics (MainVest), Glow Worm Play Cafe (MainVest).
Notable Economic Events Today: Pending Home Sales (10:00 a.m. ET), Michigan Consumer Expectations and Sentiment (10:00 a.m. ET).
Nio Deals With Supply Chain Issues
Shares of Nio (NYSE: NIO) fell 2.12% in after-hours trading on Thursday after the electric vehicle maker reported mixed earnings.
Financials: Nio reported a 16 cent loss in the quarter, which was below estimates. Nio’s revenue of $1.55 billion was better than expected.
The Good: Vehicle deliveries shot up 44.3% in the quarter and vehicle sales increased 49.3%.
The Bad: Nio dealt with several challenges in the quarter, including what the company describes as “supply chain volatilities.”
Final Thoughts: Nio’s stock is down 40% in the past six months. Other electric vehicle stocks have also dropped lately.
Should You Invest in The Very Good Food Company?
Some investors see the plant-based meat and vegan food producer The Very Good Food Company (Nasdaq: VGFC) as a better investment option than Beyond Meat (Nasdaq: BYND).
History: The Very Good Food Company started in 2017 and originally raised money through equity crowdfunding platforms.
Numbers: In the past 12 months, shares of The Very Good Food Company are down about 90%. It’s been a tough time for the company.
Recent Developments: Last week, The Very Good Food Company announced that it was temporarily lowering production and headcount to better handle inventory.
Final Thoughts: The Very Good Food Company needs to turn things around to be good for investors.
Trends to Watch
Coming Soon: Change Healthcare said to announce buyer for ClaimsXten business as soon as next week (Seeking Alpha)
Tip Your Taxi Driver: Uber Reaches Deal to List All New York City Taxis on Its App (The Wall Street Journal)
Oil Bitcoin Needs: ExxonMobil Running Pilot Project to Supply Flared Gas for Bitcoin Mining (CoinDesk)
Bad Blood (Medicine): Blood pressure medication recalled over cancer risk concerns (CNN)
End of an Era: BlackRock’s Larry Fink, who oversees $10 trillion, says Russia-Ukraine war is ending globalization (CNBC)
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