Shares in Novatti Group Ltd (ASX: NOV) reached a new all-time high today. The Novatti share price plunged on today’s open before recovering to reach an intraday high of 79 cents.
At the time of writing, the Novatti share price is 77.5 cents – 4.73% higher than yesterday’s close.
Let’s take a look at what Novatti does and what it’s been up to recently.
What does Novatti do?
Novatti is a fintech business with a focus on payment solution software. It has previously partnered with the likes of Telstra Corporation Ltd (ASX: TLS) and Cathay Pacific Airways.
Novatti was first listed on the ASX in 2016.
What’s Novatti been up to this year?
The Novatti share price has been generally climbing since mid-February. Intitally, there was little news in the public domain as to why.
Then, in late February, the company announced Lifepay, a new fintech platform, was to be launched. Novatti, which owns 25% of Lifepay, was to earn fees from users’ activities on Lifepay’s platform.
While the Novatti share price hit a new all-time high on the back of the news, the gains didn’t last until the session’s close.
That was the beginning of a series of announcements from Novatti that saw its share price gaining (and sometimes falling) by relatively small increments.
Then, on 29 April, Novatti announced news that saw its shares gain 32.65% in a single day.
Novatti announced it had been selected by Afterpay Ltd (ASX: ADT) to deliver Afterpay to New Zealand. The agreement between Novatti and Afterpay would see Novatti using its licence with Visa Inc (NYSE: V) to issue digital Afterpay-branded Visa cards to New Zealand users.
The following day, Novatti released its quarterly report, which contained news of record revenue.
Despite the positive release, the Novatti share price fell 4.62% on the news.
Finally, on 3 May, Novatti announced it had partnered with international financial service provider BC Investment Group Holding. It is now ready to launch its banking business, subject to regulatory approval.
It’s share price closed that day 4.84% higher than the previous session.
Novatti share price snapshot
So far, 2021 has been a stellar year for Novatti shares.
They are currently 196% higher than at the beginning of the year. They have also gained 220% since this time last year.
The company has a market capitalisation of around $186 million, with approximately 241 million shares outstanding.