Up Or Down? XpresSpa Group Inc (NASDAQ:XSPA) to Join Russell Microcap® Index

XpresSpa Group Inc (NASDAQ:XSPA) continues to gain momentum in the opening on Wednesday after gaining momentum in the past week.  The stock has soared over 23% since last week.

Market Action

As of 10:53, XSPA stock jumped 6 cents or 3.64% to $1.71 with more than 2.86 million shares, compared to its average volume of 4.52 million shares. The stock has moved within a range of $1.6600 – 1.7699 after opening the trade at $1.75.

Major Trigger:

XpresSpa Group Set to Join Russell Microcap® Index

Key Highlights:

  • announced that the Company is set to join the Russell Microcap® Index at the conclusion of the 2021 Russell indexes annual reconstitution according to a preliminary list of additions posted on June 4. Joining the index would become effective after the US market opens on June 28.
  • Membership in the Russell Microcap® Index, which remains in place for one year, means automatic inclusion in the appropriate growth and value style indexes. FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings and style attributes.
  • Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $10.6 trillion in assets are benchmarked against Russell’s US indexes. Russell indexes are part of FTSE Russell, a leading global index provider.

Key Quote:

Doug Satzman, CEO of XpresSpa Group, said, “We view inclusion in the Russell Microcap Index is an important company milestone that should broaden our exposure within the trading community while providing us with a meaningful opportunity to reach those who might be new to our Company and interested in holding our stock. This is especially true for those who use the Russell indexes to benchmark their portfolios.”

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