The plant based food industry has grown at a remarkable rate in the past few years and it is no surprise that investors are increasingly looking for options in that space.
Market Action
On Friday, KOMOF stock moved up 11.50% to $0.1170 with 915k shares, compared to its average volume of 534k shares. The stock has moved within a range of $0.1030 – 0.1230 after opening trade at $0.1032.
Komo Plant-Based Foods Begins United States Expansion with Appointment of U.S. Sales Agent
One of the stocks from that industry that investors could consider looking into at this point is that of Komo Plant Based Foods Inc (OTCMKTS:KOMOF). It had emerged as one of the major movers last Friday and ended the day with gains of as much as 11%. Hence, it may be a good time to take a look at the key announcement from Komo on Friday in order to get a better idea about the rally.
The company announced at the time that it had appointed Staci Owens from Cornerstone Sales as the sales agent in the United States. Owens is going to be responsible for the development of the company’s retail expansion across the United States.
It goes without saying that plans for a major retail expansion is a positive news and the investors seemed to have welcomed the news as well. It now remains to be seen if the stock can manage to hold on to its momentum and add to its gains today.
Key Quote
“The opportunity in the United States for plant-based brands is major,” says Komo operating subsidiary CEO Jeffrey Ma. “We’re excited to have Staci Owens, who is based in Colorado, working to build out Komo’s expansion in the US. Staci’s experience across natural food categories and contacts in the industry will be key for our US strategy. We are extremely happy with the dedication of the team at Cornerstone Sales, who have been instrumental in the success of Komo’s rapid retail expansion to date.”
Traders Note
KOMOF stock is trading below the 20-Day and 50-Day Moving averages of $0.12 and $0.13. Moreover, the stock is trading is the neutral zone with RSI stands at 50. The stock is up 17% over the past month.
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