Nightfood Holdings Inc (OTCMKTS:NGTF) has emerged as an interesting operator in the American snacks industry with its ‘better for you’ offerings and last Friday, the company saw its stock jump by as much as 5% following a key development.
Trading Data
On Friday, NGTF stock jumped 5.20% at $0.2084 with more than 1.27 million shares, compared to its average volume of 248k shares. The stock has moved within a range of $0.1963 – 0.2550 after opening trade at $0.1963.
Category Pioneer Nightfood Wins Top Prize in Real California Milk Excelerator Dairy Innovation Program
It emerged on Friday that Nightfood was the winner of the 2021 Real California Milk Excelerator program. It was a significant recognition for the company as it seeks to make a mark in an industry which clocks up sales of as much as $50 billion a year in the United States. As the winner of the program, Nightfood got the first prize that amounted to $150,000 worth of investment in marketing support that is going to be deployed towards the launch of a new line of ice cream sandwiches in hotels.
The company is looking to become a major player in the night snack category and recently, Nightfood had also managed to complete a pilot program with a hotel chain that proved to be successful. The management of the company believes that other hotel chains could soon become a part of the programme and eventually Nightfood expects to hit its target of 7500 hotels at some point in the summer.
Key Quote
“Targeting hotels as a channel is a brilliant strategy,” said Bob Carroll, Vice President of Business Development for the California Milk Advisory Board (CMAB), creator of the competition. “Hotel distribution would deliver paid consumer trial for and awareness of the Nightfood brand, supporting the company in multiple ways beyond revenue growth.”
Technical Data
NGTF stock is trading below the 20-Day and 50-Day Moving averages of $0.21 and $0.22 respectively. Moreover, the stock is trading below the 50-Day moving average of $0.27. The stock is down 17% in the past 3-month.
