UPDATE: Oppenheimer Downgrades Triterras (TRIT) to Perform
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Oppenheimer analyst Owen Lau downgraded Triterras (NASDAQ: TRIT) from Outperform to Perform.
The analyst commented, "Since our initiation of Triterras in mid-December, many events have occurred that we hadn't expected: 1) the extreme volatility of the stock, 2) Rhodium bankruptcy court protection, 3) the short report and the incremental data points associated with it, 4) the resignation of KPMG as Triterras's independent auditor, and 5) the launch of an independent investigation. The consequences of these developments are likely creating distraction to management from growing the Kratos user base. They also make it difficult for us to explain to investors the stock movement based on fundamental analysis. We continue to believe in the need of digitalization in trade/trade finance and the benefit of blockchain. However, we no longer have conviction in our Outperform rating and are downgrading Triterras to Perform from Outperform and reducing estimates."
Shares of Triterras closed at $7.30 yesterday.
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