Today, one of the biggest movers in the market is Marygold Companies (NYSEAMERICAN:MGLD). Currently, MGLD stock has rocketed more than 150% higher at the time of this writing. However, at one point today, the stock saw a whopping 200%-plus jump over yesterday’s close.
Earlier today, InvestorPlace contributor William White briefed on Marygold being one of the biggest pre-market movers. In fact, the company topped the list of stocks to watch at the time. But the continued move higher following this pre-market price action is even more impressive.
As previously noted, much of this move relates to Marygold’s completion of its uplisting to the NYSE American Exchange. Any time a stock moves from the pink sheets to a major exchange, investors tend to cheer. That said, this is quite the entrance for a company going from the farm team to the big leagues.
Let’s dive into some of the key aspects of the MGLD stock uplisting that investors appear to be focused on right now.
What’s Behind Today’s Rise in MGLD Stock?
First of all, Marygold Companies is a completely new name many investors may not be aware of. That’s because its the new corporate name for Concierge Technologies, a diversified global holding firm. Previously, Concierge had difficulty gaining traction. The hope is this rebranding effort will better reflect its holdings. What’s more, the uplisting should provide more in the way of investor attention and liquidity for MGLD stock.
As part of this announcement, Marygold also announced an underwritten public offering to sell 1.65 million shares at $2 apiece. This $3.3 million offering will provide funds that the company intends to use for general corporate purposes.
Long-term investors may like a number of aspects of this move. An uplisting is always a good thing, as is more growth capital. Plus, rebranding can provide clarity to investors. These three positive attributes of today’s announcement appear to have many investors excited about this small-cap stock. Accordingly, MGLD will be one to watch from here.
On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
Read More: Penny Stocks — How to Profit Without Getting Scammed
On the date of publication, Chris MacDonald did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
