Why Shares of Semler Scientific Stock Jumped 24.5% Last Month

Semler Scientific (NASDAQ: SMLR) shot up 24.5% in October, according to data from S&P Global Market Intelligence. The medical device company has started buying up Bitcoin with cash on its balance sheet, which is correlating its stock price to the popular cryptocurrency. Even after the price jump last month, the stock is still down 35.4% in the last five years as it saw slowing revenue and declining operating margins.Here's why Semler Scientific stock jumped last month.The reason Semler Scientific stock jumped in October had nothing to do with its underlying business. In fact, the company had no material updates to give investors in the month. The only reason the stock rose is because management has decided to put most of the company's liquid assets in Bitcoin. In October, the price of Bitcoin rose to over $72,000, or close to an all-time high. In its recent quarterly update, Semler Scientific told investors that it now owns 1,058 Bitcoins, which equates to a value of $76 million at a Bitcoin price of $72,000. Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool