Unrivaled Brands Inc (OTCMKTS:UNRV) Stock Gains Momentum: Jumps 14%
It is quite likely that many investors are going to be looking into the Unrivaled Brands Inc (OTCMKTS:UNRV) stock this morning after it delivered a strong performance yesterday. Yesterday, investors piled on to the stock in a big way after Unrivaled announced that it had been successful in completing the acquisition of the company People’s First Choice.
Market Stats
On Monday, UNRV stock went up 13.83% at $0.33 with more than 745K shares, compared to its average volume of 707k shares. The stock has moved within a range of $0.2850 – 0.3400 after opening trading at $0.29.
Announces Successful Closing of Acquisition of People’s First Choice
In addition to that, it was also announced that the company also inked definitive agreements for the purpose of acquiring People’s Costa Mesa, People’s Riverside and People’s Los Angeles. As a consequence of the optimism surrounding the announcement, the Unrivaled stock ended up with gains of as much as 14% for Monday.
The reason for the optimism is also quite easy to decipher. After the acquisition of People’s, Unrivaled Brands is going to be able to expand its retail presence considerably. It is going to help in adding premier dispensaries that are located in the lucrative Southern California market. In addition to that, two more locations, one in Riverside and the other in Los Angeles, are also going to be opened next week. It now remains to be seen if the Unrivaled Brands stock can manage to hold on to its momentum in the coming days.
Traders Corner
UNRV stock is trading above the 50-Day and 200-Day Moving averages of $0.31 and $0.30 respectively. However, the stock is trading below the 20-Day moving average of $0.34. The stock is up 50% in the 6-past month.
