Companies have a long history of juicing their share prices – at least temporarily – by renaming themselves to reflect the latest investment fad. Burton Malkiel writes of a company that sold records door-to-door during the height of the Kennedy bull market’s fascination with the Space Race. Its shares rose sevenfold after it changed its name to Space Tone. And there was MIS International which briefly did even better after changing its name to Cosmoz.com in early 1999.
Nasdaq-listed Bioptix, which previously had as its main business the development of a follicle-stimulating hormone for cows, horses and pigs, took a page out of the same playbook by changing its name to Riot Blockchain. Cryptocurrencies are hot stuff and the company is even investing in a Canadian trading platform for them.
Its shares went as high as $ 9.50 on Wednesday or more than double their price a week ago. Investors should make hay while the sun shines.