Baristas Coffee (OTCMKTS:BCCI) Stock Attempts To Bounce Back After The Recent Downtrend
Baristas Coffee (OTCMKTS:BCCI) stock was in nice action as the stock closed higher in the previous trading session. The stock has lost 11% over the past week.
Market Action
On Thursday, BCCI stock closed up by 3.50% at $0.0197. More than 456K shares have exchanged hands, below its average volume of 269K shares. The stock opened at $0.0181 and moved in a range of $0.0181 – 0.0220.
More Record Revenues For Baristas “Munchie Magic” in September as Expansion Continues, Opening 5 New Locations
Here are the highlights:
Baristas Coffee announced that its revenues in September from its Munchie Magic restaurants delivering Ben & Jerry’s ice cream, beer, wine, hard alcohol, and other snacks has reached an all-time high.
September revenues surpassed the previous record set in August 2021 by more than 20% and more than tripled from the same period in 2020. Alcohol sales saw a sharp increase yet ice cream remains the No. 1 selling product.
During the Month of September Munchie Magic opened 5 additional locations and expects to open more during October.
Baristas recently expanded its technology/software license and development agreement with its primary technology and media partner ReelTime Media (OTC:RLTR) beyond Munchie Magic/MiniBar Magic to feature Thai Dah, a virtual restaurant platform for Thai restaurants. The licensing agreement allows Thai Dah to have rights to utilize the global perpetual technology license and methodologies developed by ReelTime that allow the virtual restaurants to integrate with its partners, onboarding, marketing, and administrative functions.
Key Quote:
Barry Henthorn, CEO, stated: “Alcohol sales increased dramatically in September and it is now the second highest revenue generating category, with ice cream still leading all categories. As Minibar Magic (our Alcohol focused version of Munchie Magic) goes online we expect that alcohol sales will continue to rise.”
Trader Notes:
BCCI stock has outperformed recently with a jump of over 30% so far this year. On the technical basis, the stock is trading above its 200-Day SMA stand at $0.0264. Moreover, RSI at 45 signals that the stock is trading near the neutral zone.
