On Wednesday, the MamaMancini’s Holdings Inc (NASDAQ:MMMB) stock had emerged as one of the notable gainers and clocked gains of as much as 11% for the day. The company, which is involved in marketing and distributing specialty all natural prepared foods, made a significant announcement yesterday that led to the rally.
Trading Data
On Tuesday, MMMB stock surged 11.20%% to $1.99 with more than 3.98 million shares, compared to its average volume of 93.68k shares. The stock has moved within a range of $1.7100 – 2.0599 after opening trade at $1.89.
Granted Nationwide Amazon Fresh Authorization
MamaMancini’s noted yesterday that Amazon Fresh, one of the biggest online grocery delivery services in the United States, had granted it with a nationwide authorisation. Amazon Fresh is owned by the ecommerce giant Amazon and remains one of the leading online grocers in the country.
The authorisation from Amazon Fresh is expected to open up a world of opportunities for MamaMancini’s considering the sheer reach of the online retailer. At this point in time, Amazon Fresh is available in most of the major cities in the United States and in addition to that, it also boasts of as many as 23 physical locations in some key geographies.
The rally in the stock yesterday was perhaps understandable but it now remains to be seen if the stock can manage to hold on to its momentum today and continues to add to its gains.
Key Quote
“Inclusion in Amazon Fresh’s invitation-only family of online and in-store grocery products – part of the largest e-commerce retailer in the world – is a highly promising milestone in MamaMancini’s direct-to-consumer business,” said Carl Wolf, Chairman and Chief Executive Officer of MamaMancini’s. “Online grocery sales are expected to represent 20% of the overall U.S. grocery retail market in the next five years, significantly accelerated by consumer trends resulting from the COVID-19 pandemic, according to a new Mercatus/Incisiv study.
Technical Data
MMMB stock is above the 20-Day and 50-Day Moving averages of $1.94 and $2 respectively. Moreover, the stock is trading above the 200-Day moving average of $2.45.
