- Marygold Companies (MGLD) stock is now available for trading on the NYSE American exchange.
- The shares are still quite affordable, Marygold Companies has some intriguing subsidiary businesses under its umbrella.
- Investors should consider a moderate stake in the shares while they’re still cheap.
Headquartered in San Clemente, California, Marygold Companies (NYSEAMERICAN:MGLD) can be described as a diversified global holding firm. As we’ll discover, with MGLD stock you can delve into not just one business, but half a dozen of them.
InvestorPlace contributor William White reported that the stock had gained more than 147% in a single trading session not long ago. Clearly, there’s something going on here that warrants further inspection.
Another contributor to InvestorPlace, Chris MacDonald, provided further details as to what happened with MGLD stock. We’ll dig even deeper today by detailing Marygold’s subsidiary businesses.
Plus, we’ll dig into the parent company’s fiscal figures, which won’t disappoint prospective investors. In the final analysis, you might find that you’ve struck gold with Marygold.
| MGLD | Marygold Companies | $1.92 |
What’s Happening with MGLD Stock?
So, let’s start with the big news. First of all, Marygold Companies is the new corporate name for Concierge Technologies. Yet, there’s more to this story than just a name change.
The company used to trade under the ticker symbol CNGC. That stock traded on the OTC Pink exchange. This exchange has no disclosure requirements so some investors are hesitant to get involved with.
Getting uplisted to a highly respected, major stock exchange is a huge deal for any company. This is precisely what happened with Concierge Technologies/Marygold Companies as the company’s shares are now listed on the NYSE American exchange, under the ticker symbol MGLD.
On top of all that, Marygold announced an underwritten public offering to sell 1.65 million shares at $2 apiece. As MacDonald explained, this $3.3 million offering “will provide funds that the company intends to use for general corporate purposes.”
Thus, we have a major capital infusion, a name change and a newly uplisted stock with a different ticker symbol. There’s a lot going on with Marygold — but what is this company about, exactly?
A Six-Pack of Businesses
MGLD stock only costs a couple of dollars and some change, but don’t get the wrong idea. You’ll actually get big-time diversification if you invest in Marygold.
First, there are three subsidiaries based in the U.S.:
- Wainwright Holdings, which is associated with companies that work with exchange traded funds organized as limited partnerships or investment trusts.
- Fintech business Marygold & Co.
- Kahnalytics, which distributes of Original Sprout hair and skin care products.
Then, there are three non-U.S.-based subsidiaries:
- New Zealand-based Gourmet Foods, which manufactures and distributes meat pies, and has its own subsidiary that prints specialty wrappers for the food industry.
- Canadian seller and installer of commercial and residential alarm monitoring systems, Brigadier Security Systems.
- Marygold & Co. (UK) Limited, which is based in the United Kingdom and functions as a holding company for acquisitions to be made in that region.
Financially, Marygold Companies/Concierge Technologies has remained on solid ground. The business has a strong balance sheet, with $30,876,434 in total assets as of Dec. 31, 2021.
Moreover, the company’s consolidated revenues totaled $14,105,454 during fiscal 2022’s first half — not too shabby during a time of global supply shortages.
What You Can Do Now With MGLD Stock
MGLD stock has the potential to trade higher than just a couple of dollars and change.
The uplisting to a major stock exchange is meaningful, and could attract investor interest in Marygold Companies. Plus, the company received a sizable capital infusion from its public offering, and this could help to grow the Marygold’s various businesses.
There’s always risk involved in new/re-branded business ventures. Nevertheless, MGLD stock appears to offer strong upside potential, along with instant sector diversification for investors. I give MGLD stock a “B” in my Portfolio Grader.
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Read More: Penny Stocks — How to Profit Without Getting Scammed
On the date of publication, neither Louis Navellier nor the InvestorPlace Research Staff member primarily responsible for this article held (either directly or indirectly) any positions in the securities mentioned in this article.
