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Muscle Maker Inc (NASDAQ:GRIL) Stock Moves Bullish: Soars 22%

One of the stocks that emerged as a major winner yesterday was Muscle Maker Inc (NASDAQ:GRIL). There was strong action on the stock yesterday as investors piled on it and drove it up as high as 22%.

Commercial data

On Wednesday, GRIL stock rose 21.64% to $0.6290 with 4.4 million shares, compared to its average volume of 3.11 million shares. The stock moved in a range from $0.5100 to $0.6597 after trading opened at $0.5187.

Major trigger

In light of these nice gains, the stock should also catch the attention of investors this morning and therefore it might be a good idea to take a look at the development leading up to the rally. Muscle Maker came under the spotlight yesterday after announcing that its newest subsidiary, Pokemoto, had successfully signed up to 2 more franchise deals. The agreements in question relate to the Mississippi market.

It should be noted that the last deals Pokemoto signed up to 27 since November 27, 2021 and it’s pretty clear to see that the company has been working diligently on the franchise deals. Once these franchises are operational, as well as the 6 Pokemoto locations that will be established, the growth generated by the unit since its acquisition last May will reach 250%.

technical data

GRIL stock is above the 20-day and 50-day moving averages of $0.69 and $0.94 respectively. Additionally, the stock is trading above the 200-day moving average of $1.20.