On March 02, 2022, Muscle Maker Inc. (GRIL) rebounded in the after-hours and entered a bullish trend. There is no recent official announcement or SEC filing from the company to explain the bullish turn.
The stock remained in the red during the regular session with a loss of 9.46% as 12.15 million shares traded hands. After varying between $0.4600 and $0.6500, GRIL closed the session at a value of $0.4671 per share. Following the downfall, the stock made a comeback in the after-hours and added 7.04%. Hence, the stock was trading at a price of $0.5000 per share in the after-hours on Wednesday.
The restaurant chain business operator, Muscle Maker Inc. was founded in 1995. Based in League City, TX, the company has a market capitalization of $20.59 million. Currently, the company has 39.91 million shares outstanding in the market.
GRIL stock Movement
On February 24, as the stock market suffered a blow due to the escalation of the Russia-Ukraine conflict, GRIL also saw a downfall. Like most of the stocks, GRIL reached a new low of $0.3800 on February 24. Following this, the stock had been somewhat stagnant with no significant change. Volume started building up on Tuesday while the stock still remained pretty much unchanged. On Wednesday, the stock traded at a heavy volume of 1,184% of its average. While there was no official reason, the stock suffered a downfall initially which was followed by a comeback in the after hours. It seems the stock was moving on external factors like social media discussions and stock sentiment.
In the past five days, GRIL has added 9.19% while losing 35.13% year to date. The stock subtracted a value of 79.24% last year.
Company News
On February 16, the company announced the opening of the first Florida location of its subsidiary, Pokemoto. Pokemoto opened the first Florida non-traditional ghost kitchen location in Miami Beach. The kitchen will have kiosks for direct ordering as well as service delivery orders through third-party apps.
Moreover, Pokemoto is set to open five additional locations in the Florida market in Miami, Lee and Collier counties, and Jacksonville Florida.
On February 07, the company had announced a new franchise agreement of Pokemoto in Connecticut. The new addition increased Pokemoto’s Connecticut locations to 15.
GRIL acquired Pokemoto in May 2021 which currently has nineteen open locations in six states. Since its acquisition, Pokemoto division has expanded over 300%.
