The Very Good Food Company Inc (NASDAQ:VGFC) was in the news cycle yesterday and the announcement it made led to massive gains in its stock, which ended the day with gains of as much as 118% amidst heavy interest.
Trading Data
On Wednesday, VGFC stock soared 118.20% to $0.2950 with more than 133.37 million shares, compared to a volume of 3.32 million shares. The stock moved within a range of $0.1417 – 0.4693 after opening trade at $0.1622.
The Very Good Food Company Announces Retail Expansion with New Distribution Across Canada with Loblaw Companies Ltd.
The company announced yesterday that it had managed to expand its retail distribution channel across Canada in collaboration with Loblaw Companies. It was announced that due to this collaboration the products from The Very Good Food Company are going to be made available in as many as 2000 stores across the expanse of North America.
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However, that is not all. It was also noted that further expansion is expected through the course of the summer this year. Some of the flagship products from the company like its Meatballs, Cajun Sausage, and Bratwurst Sausage from the Butcher’s Select line of products are going to be available at Loblaw and Canadian Superstore outlets throughout Canada.
It goes without saying that further retail expansion remains the biggest aim for most consumer-facing food-related companies and the latest development is expected to come as a major boost for The Very Good Food Company. It may be a good time to start tracking the stock.
Key Quote
“We’re incredibly excited to bring our successful products to Loblaw customers across Canada and serve up even more plant-based goodness, getting us closer to achieving our wholesale expansion targets with what we have in our pipeline,” said Jordan Rogers, Chief Commercial Officer. “Our new BBQ Ribs and Very Good Steak will continue to raise the plant-based bar by offering consumers innovative and “value-added” products that are unique in the market, making it easier for them to adopt a plant-based-based lifestyle.”
Technical Data
VGFC stock is trading below the 50-Day and 200-Day Moving averages of $0.33 and $1.10 respectively. However, the stock is trading above the 20-Day moving average of $0.23.
