Amergent Hospitality Group (OTCMKTS:AMHG) Stock Jumps 12%: Here is Why
The Amergent Hospitality Group (OTCMKTS:AMHG) has emerged as one of the stocks that could be watched this week after investors piled on to the stock yesterday and sent it soaring by as much as 12%.
Market Stats
On Tuesday, AMHG stock went up 11.50% at $0.38 with more than 38k shares, compared to its average volume of 27k shares. The stock has moved within a range of $0.3400 – 0.3800 after opening trading at $0.34.
Names Mark Whittle EVP of Franchise Development
The company is best known for owning, operating and franchising a wide range of highly recognisable restaurant brands in the country. Yesterday, the company was in focus after it announced that it appointed a new Executive Vice President of Franchise Development in the form of Mark Whittle. It is a key appointment from Amergent and one that could have a massive impact on the company’s business in the future.
Hence, the excitement among investors is not entirely surprising. Fred Glick, who is the president of the company, spoke about the new appointment as well. He stated that the company was excited to have Whittle on board as it readies for an accelerated pace of franchise growth in the near term.
He noted that the franchise growth is going to come about not only through the current brands but also through the recently acquired brands as well as the brands that Amergent will acquire in the future. It remains to be seen if the stock can add to its gains today.
Key Quote
Amergent Hospitality Group’s President, Fred Glick, stated, “We are excited to welcome Mark to the team in anticipation of rapid franchise growth though our current brands, as well as recently acquired brands and future contemplated acquisitions. Importantly, Mark has a familiarity with Amergent and its team, having worked previously at Hooters which will enable him to hit the ground running as we continue executing on our strategy, building atop of recent momentum.”
Traders Corner
AMHG stock has a pivot point at $0.3663. Key supports for the stock are 0.3127, 0.3263, 0.3527 and resistances are 0.3927, 0.4063, 0.4327. Moreover, RSI stands at 41.
