It is often said that investors ought to look into stocks that may be gaining momentum and one of the stocks which managed to gain significant momentum yesterday was the Hall of Fame Resort & Entertainment Company (NASDAQ:HOFV) stock. In this context, it may be necessary for investors to take a look at the announcement made by the company yesterday.
Trading Data
On Thursday, HOFV stock gained 1.80% to $1.14 with more than 4.25 million shares, compared to its average volume of 1.8 million shares. The stock moved within a range of $1.0700 – 1.1500 after opening trade at $1.10.
Hall of Fame Resort & Entertainment Company Announces Multi-Year Agreement with Cleveland Clinic
The company is involved in the media, entertainment and resort spaces centred on the professional football industry. On Thursday, the company announced that it had signed an agreement with the Cleveland Clinic spanning several years for stepping in as the official healthcare services provider for the Tom Benson Hall of Fame Stadium and Hall of Fame Village Sports Complex.
As per the provisions in the agreement, Cleveland Clinic is going to provide the Hall of Fame Village participants with medical services throughout the course of the year. It was a major new announcement from Hall of Fame Resource & Entertainment, which is why it was no surprise that the stock gained significant momentum on Thursday. It is now going to be interesting to see if the stock can manage to hold on to its momentum and manage to clock significant gains in the coming days or not.
Key Quote
“Cleveland Clinic is a global organization representing excellence, and we are thrilled that they will now have a direct presence on the Hall of Fame Village campus,” said Michael Crawford, President and CEO of Hall of Fame Resort & Entertainment Company.
Technical Data
HOFV stock is trading below the 20-Day and 50-Day Moving averages of $1.22 and $1.53 respectively. Moreover, the stock is trading below the 200-Day moving average of $2.72.
