Sam is a trader and one of our lead stock analysts at AskTraders. After starting his career predominantly in the forex markets, Sam now focuses on gold and stocks with a preference for macroeconomic analysis.
The healthy food restaurant chain, Muscle Maker’s (NASDAQ: GRIL) stock price has surged over 60% premarket on Monday…
Its shares have rallied after the company announced late on Friday evening that it has acquired one of its previously franchise-owned locations in the Chelsea neighbourhood of Manhattan, New York.
According to Muscle Maker, the restaurant is one of the highest volume locations with more than $1.1 million in sales in 2019.
“As we have mentioned previously, we are constantly looking for opportunities to grow our corporately owned location portfolio including individual locations and potentially larger acquisitions,” said Michael Roper, Muscle Maker’s CEO.
“The current environment is presenting many strategic opportunities to grow the brand and we are in discussions on several other opportunities that have presented themselves. Any acquisition will be accretive to the top line sales and corresponding profitability of the brand,” Roper continued.
The company said the new location will act as a ghost kitchen to other brands under the companies umbrella.
Muscle Maker’s share price has jumped to $2.47 per share after a rally of 61% premarket, a level last seen back in early September.
The company plans to continue its growth plans by adding non-traditional locations on military bases and college campuses.
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