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Why Opera Limited Stock Rose 46.7% in April

By Keith Noonan - Updated May 10, 2019 at 7:17AM

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The web browser company's stock has climbed more than 70% in 2019.

What happened

Shares of Opera Limited (OPRA 0.76%) gained 46.7% in April, according to data from S&P Global Market Intelligence. The stock rallied thanks to the release of the company's latest web browser. 

OPRA Chart

OPRA data by YCharts.

Opera launched its version 60 web browser for Mac, Windows, and Linux on April 9. In addition to features like a free VPN, ad-blocking software, and a range of performance tweaks and upgrades, the new browser also features a built-in cryptocurrency wallet. 

A pair of hands typing on a laptop, with a search box featured prominently in the middle of the screen.

Image source: Getty Images.

So what

The cryptocurrency wallet and other blockchain-related features combined with generally positive reception for the v.60 browser worked together to boost Opera stock last month. It's less common now that crypto mania has cooled from its late 2017 peak, but the occasional small-cap tech stock still posts big movement in relation to crypto news. 

Opera's heavy focus on blockchain technologies with its latest browser could position it to be a go-to choice for decentralized internet applications, and it looks like some investors are finding the push intriguing. The business had been posting impressive growth prior to the recent browser update release, reaching record user numbers on mobile and PC and growing sales 34% annually last year, so it's also not as though the blockchain initiative is the only catalyst spurring gains.

Now what

It's possible that a heavier association with the volatile cryptocurrency and blockchain spaces will make Opera stock more prone to wild swings. The company has a market capitalization of roughly $1 billion and is valued at roughly 4.2 times this year's expected sales and about 21.5 times this year's expected earnings.

Opera is scheduled to report first-quarter results on May 22. 

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