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Mid-cap stocks often have the potential to grow, making them the preferred investment choice for investors searching for a sweet spot between large-cap and mid-cap stocks. Some of these stocks may potentially grow out to become large-cap stocks which make them attractive to many investors.
- Mid-cap stocks have the potential to grow and become large-cap stocks, which make them attractive to many investors.
- Blackline Safety, a wearable safety tech provider, reported an increase in revenue of 46% year-over-year in the April 2023 quarter.
- Currency Exchange International reported a growth of 30% to US$ 18.3 million in the April 2023 quarter, as compared to the previous year’s corresponding period.
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Mid-cap stocks are those stocks that have a market capitalization of over US$2 billion and US$ 10 billion. On that note, here are two mid-cap stocks investors can keep an eye on:
Blackline Safety Corp. (TSX: BLN)
Blackline is engaged in the wearable safety tech industry as well as gas monitoring and cloud-connected software industries. The company has coverage in over 100 countries, and it has generated over 161 billion data-points.The company reported an increase in revenue of 46% year-over-year to CA$ 24.09 million in the April 2023 quarter. However, Blackline generated a net loss of CA$ 6.55 million during the quarter, which was 55% lower than that in the same quarter of prior year.
Image source: ©2023 Kalkine®; Data source: Company Reports
The company reported that its total revenue across the US grew at 65%, the highest rate out of all geographical locations, year-over-year.
In the report, Blackline also reported an uptick in its production capacity by 30-50% through the repurposing of its space in the existing Calgary headquarters.
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Currency Exchange International Corp. (TSX: CXI)
The company operates a currency exchange and provides other money services such as wire transfer and cheque cashing across the US and Canada. Currency Exchange generates revenue through commission and fee income.During the April 2023 quarter, Currency Exchange reported a growth of 30% to US$ 18.3 million as compared to the previous year’s corresponding period. Additionally, its net operating income was 30% higher at US$ 3.7 million, on a year-over-year basis.
Image source: ©2023 Kalkine®; Data source: Company Reports
CXI’s net income was US$ 2.2 million for the three months ended April 30, 2023. Meanwhile, the earnings per share were reported to be US$ 0.35 on basic and US$ 0.33 on a fully diluted basis for the period.