SPAR Group Inc (NASDAQ:SGRP) Stock Soars To New High: But Why?
One of the stocks to have emerged as a major gainer this morning is that of SPAR Group Inc (NASDAQ:SGRP), having rallied strongly and gone up by 91% at the time of writing. While the gains made by the stock must have brought it on to the radars of many investors, it is also important to keep in mind that there has been no news about the company.
The company is involved in the worldwide marketing and merchandising services space and provides retailers with a wide spectrum of services. SPAR Group boasts of considerable experience in the industry having been an operator in this space for more than four decades.
The company has also built up a network of merchandising specialists around the world that now stands at more than 25000. The only news of any consequence from the company emerged back on July 13 when SPAR Group announced that some important announcements at the executive level.
SPAR announced that Ron Lutz had been made the new Chief Global Commercial Officer. On the other hand, William Linnane was appointed as the Chief Strategy and Growth Officer. It remains to be seen if the SPAR Group stock can continue on its merry way through the rest of the day.
Market Reaction:
As of 11:57, SGRP stock soared 47% at $2.54 with more than 106.25 million shares, compared to its average volume of 132k shares. The stock has moved within a range of $1.7624 – 3.8600 after opening the trade at $1.78. Over the past 52-week, the stock has been trading within a range of $0.6600 – 3.8600.
