In recent times, alternative meat companies have got a fair bit of attention from investors and one of the companies that could be tracked by investors at this point in time the Tokyo based company Next Meats Co (OTCMKTS:NXMH). This past Friday that Next Meats stock experienced heavy action and went up by as much as 40%.
The reason behind the rally in the stock might be linked to an announcement from the company back on June 15 with regards to a tie up with the American burger chain Wayback Burgers.
The optimism among investors with regards to this collaboration is understandable considering the fact that Wayback has emerged as the fastest growing burger franchise in the United States. However, that is not all. The company also announced that its Japanese barbecue meat product named NEXT Yakiniku Short Rib, which is made out of plant based meat, is also going to be made available in the United States.
The NEXT Yakiniku Short Rib is going to be made available when Next Meat launches its e-commerce platform in the United States on June 23. These are all significant developments for the company as it tries to conquer the United States market and investors could do well to keep an eye on the Next Meats stock this week.
Market Reaction:
On Friday, NXMH stock gained by 41% to $3.52 with more than 106K shares, compared to its average volume of 20k shares. The stock has moved within a range of $2.5000 – 3.5200 after opening the trade at $2.50. Over the past 52-week, the stock has been trading within a range of $0.0070 – 14.5000.
Moving Averages
| +/- EMA(20) | 3.87 (-9.04%) |
| +/- SMA(50) | 5.43 (-35.17%) |
| +/- SMA(200) | 4.01 (-12.22%) |
 Stock Extends Rally: How Far Can it Go?){kind=link}