Martello Technologies: Rich’s Top Pick from July Continues to Soar
Back in July, Rich chose Martello Technologies Group Inc. (TSXV:MTLO) (OTC:DRKOF) as his number one stock pick.
At the time, Canopy Growth Corporation (TSX:WEED) (NYSE:CGC) founder Bruce Linton had just been ousted from that company. Brandishing a Martello Technologies shirt, Linton drove attention to the Ottawa-based upstart tech company, which in turn caused MTLO stock to skyrocket from $0.19 to $0.78 in less than a week.
While the price has since fallen slightly, it’s beginning to rise once again, shooting up 23 percent. Rich talks his community members through the news, and points to other winners from today.
“MTLO is the big winner of the day,” he says. “If you watch my videos, you know what I’m talking about.”
Martello Technologies Moving Up Again
Martello Technologies provides tech solutions that help clients control complex IT environments. This makes them an exciting company to watch in an increasingly tech-reliant world, especially as manpower is continually replaced by machines.
Even without Linton’s added focus on the company, Martello has plenty of good news to tout.
In mid-July, it posted $10.4 million in revenue for its fiscal year 2019. This represents a 103% increase from the previous year. Martello also completed its second acquisition and closed a $7.5 million private placement in the last year alone.
The Motley Fool echoes Rich’s endorsement of Martello, noting that “around 80 percent of the company’s sales during the past year were recurring, and so as long as Martello is able to retain its existing customers, it will have a great opportunity to build on those strong results.”
Stocks to Watch in August
Don’t forget to check out one of Rich’s other recent videos, where he picks the top ten pot stocks to watch out for in August. Trulieve Cannabis Corp. (CSE:TRUL) (OTC:TCNNF) took the top spot in that list and has been holding firm throughout the month so far.
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