XCel Brands Inc (NASDAQ:XELB) continues to see upward momentum and is trading higher in the opening session on Friday. The stock has soared 37% over the past month.
Market Action
In the opening session, XELB stock is up by 1% at $2.46. The stock has traded 22K shares compared to its average volume of 2.31 million shares. The stock opened at $2.54 and moved in a range of $2.4600 – 2.5500.
Major Trigger:
Xcel Brands Set to Join Russell Microcap® Index
Key Highlights:
- is set to join the Russell Microcap® Index at the conclusion of the 2021 Russell indexes annual reconstitution, effective after the U.S. market opens on June 28, according to a preliminary list of additions posted June 4.
- 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 U.S. indexes. Russell indexes are part of FTSE Russell, a leading global index provider.
Key Quote:
Robert W. D’Loren, Chairman and Chief Executive Officer of Xcel commented, “Joining the Russell Microcap Index is the latest step in our evolution and demonstrates our success navigating the significant impacts the COVID-19 pandemic had on the apparel industry. As we emerge from the crisis, positive momentum is underway driven by our strong brands, innovative business model, and robust balance sheet and capital position.”
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