As investors go back to their trading desks this morning, it might be a good time to take a look at those stocks which may have recorded notable gains last Wednesday and one of those was the Amergent Hospitality Group Inc (OTCMKTS:AMHG) stock.
On Wednesday, AMHG stock gained 5.71% to $0.35 with more than 61.66k shares, compared to its average volume of 30.01K shares. The stock has moved within a range of $0.3150 – 0.3600 after opening trade at $0.36.
There was no news about the company on Wednesday but the stock came into focus nonetheless and ended up with gains of as much as 6% as a consequence. While the rally in the stock may appear random, it should be noted that earlier on in the week on November 22, Amergent had actually revealed the details of a key management discussion.
In addition to that, the company also revealed the management discussion surrounding the results of operations and the existing financial condition of Amergent. The company noted that as on September 30 this year it operated and had franchised as many as 39 restaurants in total.
Out of those, 18 were owned as well as operated by franchisees while 30 were owned by the company directly. However, Amergent also noted that as of the above mentioned date there was only one restaurant owned by the company that had to be closed down due to the effects of the COVID-19 pandemic.
AMHG stock is trading below the 20-Day and 50-Day Moving averages of $0.43 and $0.49. Moreover, the stock is trading below the 200-Day moving average of $0.56. The stock is down 30% over the past month.