why is rave stock going up
Source: Rave Restaurant Group

Rave Restaurant Group Stock Quadruples After Hiring of 2 New Execs

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Oct. 8 2020, Updated 11:31 a.m. ET

Yesterday, Rave Restaurant Group stock surged more than 180 percent despite no stock-specific news. Trading volume also surged to 7.7 million shares than the full-day average of approximately 449,000 shares. On Tuesday, the company had announced the hiring of two executives to fuel franchise development.

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What is Rave Restaurant Group?

Rave Restaurant Group was founded in 1958 by Joe Spillman and R. L. Spillman. The Dallas-based company owns, operates, and franchises more than 230 Pie Five Pizza, Pizza Inn, and PIE (Pizza Inn Express) restaurants domestically and internationally.

Pizza Inn is an international chain specializing in freshly made pizzas, along with pastas, salads, and desserts. Pie Five Pizza offers made-to-order pizzas ready in less than five minutes. PIE brings a simplified menu to college, retail, travel center, and other locations in a kiosk form.

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What is Rave’s stock news?

Rave stock surged significantly yesterday after the company announced the hiring of two executives. The company hired Dion Firooznia as a franchise business consultant for Pizza Inn, and Darren Webb as director of development for RAVE.

pie five rave restaurant group
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In a press release, Rave’s Chief Operating Officer Mike Burns said, “Darren and Dion will help continue the momentum that we've built and will really focus on driving development in the Carolinas, which is a key area of expansion for Pizza Inn and where both individuals are based.”  Burns also said, “Darren and Dion have impressive backgrounds in developing well-known brands and a history of working together previously, so we are thrilled to have them join the RAVE team.”

What is Rave’s stock price in after-hours trading?

On Oct. 7, Rave stock surged as much as 16 percent in after-hours trading. In the after-hours trading, the stock made a high of $1.36 and a low of $1.08.

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What is Rave’s stock price today?

Rave stock was down about 12.8 percent at $1.02 in pre-market trading on Oct. 8 as of 8:49 AM ET. The stock rose 127.6 percent on Oct. 7 and closed at $1.17 with a market capitalization of $18.1 million. Rave stock has risen by 138.8 percent in the last five days, while it has fallen by 55.9 percent in the last year. Rave stock is trading 58.9 percent below its 52-week high of $2.85 and 207.9 percent above its 52-week low of $0.38.

What is Rave’s stock forecast?

Currently, Rave stock is being tracked by one Wall Street analyst. The analyst has a hold rating with a target price of $2.50.

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