The growth in the wellness sector in recent years has been considerable and investors are almost always on the lookout for options in the sector.
Trading Data
On Wednesday, BFYW stock moved down 8% to $0.0770 with 408k share, compared to its average volume of 398k shares. The stock moved within a range of $0.0760 – 0.0854 after opening trade at $0.0775.
Better For You Wellness Signs LOI to Acquire Mango Moi
One of those could be Better For Your Wellness Inc (OTCMKTS:BFYW) but at the same time it is perhaps necessary to point out that the stock was in the middle of a selloff yesterday and declined by as much as 8% as a consequence. In this situation, it may be a good idea for investors to consider taking a look at the announcement from the company on Wednesday.
Better For Your Wellness came into sharp focus yesterday after it announced that it had signed a letter of intent of a non-binding nature with regards to the acquisition of Chicago based Mango Moi LLC. Mango Moi is involved in the development of all natural, vegan body care and hare products which are of a non-toxic nature.
While the acquisition could well prove to be a long term boost for the company, the news got a thumbs down from investors yesterday. It now remains to be seen if the stock can manage to make a recovery over the rest of the week.
Key Quote
“As Better For You Wellness continues to build its portfolio of leading wellness brands, the Mango Moi acquisition will further bolster our skincare vertical,” said Ian James, Chief Executive Officer of Better For You Wellness, Inc. “The global skincare market is projected to grow from $100.13B in 2021 to $145.82B by 2028. The Company’s pending acquisitions of multiple natural beauty brands synergistically combine to create a diverse offering of natural products for wellness consumers at all price points.”
Technical Data
BFYW stock is trading below the 50-Day and 200-Day Moving averages of $0.0825 and $0.0905 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.1498.
