Muscle Maker Inc (NASDAQ:GRIL) started the new week with a bang as its stock rallied strongly on Monday and ended up with gains of as much as 50%. Considering the sort of gains generated by the stock, it is quite likely that it is going to be on the radars of many investors today.
Trading Data
On Monday, GRIL stock gained 50.45% at $1.6700 with more than 82.51 million shares, compared to its average volume of 250.27K shares. The stock has moved within a range of $1.1500 – 2.2000 after opening the trade at $1.2200.
Muscle Maker Signs 40 Unit Franchise Deal
The rally in the stock came about after Muscle Maker announced yesterday that it had signed a Master Franchise Agreement for a total of 40 units in Saudi Arabia. The deal is a significant one for Muscle Maker considering the fact that the latest agreement further strengthens the multi-unit international agreement.
In this context, it is necessary to note that Saudi Arabia is the biggest nation in the Middle East and the 40 unit agreement that was signed yesterday is going to effectively expand its international operations by as much as 400%. In light of such considerable potential growth, the optimism around the stock among investors was perhaps not much of a surprise.
The company’s subsidiary Muscle Maker Grill had earlier signed a deal for as many as 10 units in the Middle Eastern country of Kuwait. It might be a good idea to keep an eye on the Muscle Maker stock today.
Technical Data
GRIL stock is trading above the 20-Day and 50-Day Moving averages of $1.13 and $1.10 respectively. Moreover, the stock is trading above 200-Day moving average of $1.57. The stock is up 49% in the past month.
