New Age Beverages Corp (NASDAQ: NBEV) is having a great start to the trading session this morning, and for good reason. While the news is somewhat dated, it seems as though investor excitement surrounding the recent CFO hire is continuing. Today, we’ll talk about:
- The management news;
- what we’re seeing from the stock; and
- what we’ll be watching for with regard to NBEV moving forward.
NBEV Climbs On Management Update
As mentioned above, New Age Beverages is having an incredibly strong start to the trading session this morning, but has released no news. The most recent news offered by the company had to do with a management update.
In a press release issued on Friday, NBEV announced that it hired Gregory A. Gould as its new Chief Financial and Administrative Officer. In the release, NBEV said that Gould brings more than 20 years of finance experience to the table. Most recently, Mr. Gould worked as the CFO at Evolve Biologics. Before that, he worked as the CFO for Aytu Biosciences, Ampio Pharmaceuticals, SeraCare Life Sciences, and Atrix Laboratories. In a statement, Brent Willis, CEO at NBEV, had the following to offer:
With the impending growth of our CBD-infused portfolio and the other products in the Health Sciences Division, we felt we needed to strengthen our leadership team with more experience in the Life Sciences and Biotech areas. Greg not only brings almost 20 years of depth in the field, but also brings a track record of success in both mergers and exits in the sector. He joins us at an important time when these areas are at the precipice of taking off at New Age.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to dig into the market is that the news leads to moves. In the case of New Age Beverages, the news proved to be overwhelmingly positive. After all, the company brought a seasoned vet to the table when they hired Mr. Gould. So, it comes as no surprise that investor excitement is continuing and the stock is making a run for the top. Of course, our partners at Trade Ideas were the first to alert us to the gains. At the moment (10:40), NBEV is trading at $6.83 per share after a gain of $0.64 per share or 10.34% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on NBEV. In particular, we’re interested in following the story surrounding Mr. Gould and the positive changes he brings to the table. We’re also watching the company’s launch of CBD beverages very closely as this could send the stock over the top. Nonetheless, we’ll continue to follow the news and bring it to you as it breaks!
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