When it comes to picking stocks at the beginning of a trading week, most investors tend to look at the stocks which had managed to clock substantial gains on the previous Friday. It is likely that it is going to be the case this morning as well. Now, there were a large number of stocks which had actually managed to make strong upward moves back on Friday and one of the stocks which had been one of the notable movers was the Branded Legacy Inc (OTCMKTS:BLEG) stock.
It had come into focus in a big way last Friday and managed to clock gains of as much as 37% amidst heavy interest. In this situation, it may be a good idea for investors to perhaps take a keener interest in the stock and consider forming a better idea about the nature of the company’s business.
Trading Data
On Friday, BLEG stock surged 36.67% to $0.0205 with more than 1.12 million shares, compared to volume of 56K shares. The stock moved within a range of $0.0200 – 0.0320 after opening trade at $0.0200.
About The Company
Additionally, it could also be a good move to look into recent developments to have a better idea about the factors which may influence the stock. The company is engaged in the fast growing cannabis business and is mainly involved in the development of CBD and hemp laced beverages. Branded Legacy is based out of Central Florida.
However, that is not all. The company is also known for offering CBD tinctures, CBD tropical and hemp based teas and coffees. In the past the company had been known as Elev8 Brands Inc but it changed its name to the present one back in May of 2020. The company is based out of Longwood in Florida.
Branded Legacy, Inc. Eliminates Over 430 Thousand In Debt In 2022
The stock soared to such a degree last Friday after the company announced that it had been successful in removing debts to the tune of as much as $436,119 from its books in 2022. The removal of debts to such a magnitude is almost always a major positive for any company and it is perhaps not surprise that the stock soared to such a degree back on Friday. Over the course of the previous week, Branded Legacy had managed to cancel debts to the tune of $112,839.
It should be noted that it was not the first time that the company had made such announcements. In the past, Branded Legacy had made announcements with regards to the cancellation of debts and also the cancellation of common stock. Last Friday, the company noted that it was committed to not only reduced its debts but also in reducing the number of shares of the common stock.
It was noted that the cancellation of the latest volume of debt was going to be beneficial to both the shareholders as well as for the company. Jermain Strong, who is the Chief Executive Officer of Branded Legacy, spoke about the latest development as well. He stated that the company had managed to make considerable progress over the previous week. He went on to add that the management really believed that Branded Legacy was being positioned for strong growth in the near term.
Technical Data
BLEG stock is trading above the 20-Day and 50-Day Moving averages of $0.0181 and $0.0189 respectively. However, the stock is trading below the 200-Day moving average of $0.0335. The company has a total market capitalization of $9 million. The stock is up 5% over the past month.
