One of the stocks that emerged as a major gainer yesterday was that of Muscle Maker Inc (NASDAQ:GRIL). There was heavy action in the stock yesterday as investors piled on to it in a big way and sent it soaring by as much as 22%.
Trading Data
On Wednesday, GRIL stock moved up 21.64% to $0.6290 with 4.4 million shares, compared to its average volume of 3.11 million shares. The stock has moved within a range of $0.5100 – 0.6597 after opening trade at $0.5187.
Major Trigger
In light of such handsome gains, the stock is likely to come into focus among investors this morning as well and hence, it could be a good idea to take a look at the development that led to the rally. Muscle Maker came into focus yesterday after it announced that its latest subsidiary unit Pokemoto had managed to sign as many as 2 more franchise agreements. The agreements in question are in the Mississippi market.
It should be noted that the latest agreements signed by Pokemoto to as many as 27 since November 27, 2021 and it is quite clear to see that the company has been working on franchise agreements quite diligently. Once these franchises are operational, along with the 6 Pokemoto locations that are going to be established, the growth generated by the unit since its acquisition in May last year is going to be as much as 250%.
Technical Data
GRIL stock is above the 20-Day and 50-Day Moving averages of $0.69 and $0.94 respectively. Moreover, the stock is trading above the 200-Day moving average of $1.20.
