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Why Birks Group Inc. (BGI) stock rallied in the Friday aftermarket?

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Shares of Birks Group Inc. (BGI) stock were rising in Friday’s aftermarket session after soaring as much as 27.55% with a $2.5 per share price at previous closing. BGI stock price saw a push of 12% to reach $2.8 a share in the late hours of yesterday on April 23, 2021. What made this penny stock high? Let’s try to understand the reason behind this.

What’s happening?

Birks Group Inc is the designer, developer, manufacturer, and retailer of Jewelry and gift accessories in the United States and Canada. This rising BGI stock price has nothing to do with any particular activity by the Birks Group. There is no recent specific news, not even in the whole April, or earnings report, no analysts upgrade or shrank targeted per share price of the BGI stock to justify this rally. Sometimes social media hype makes the stock outperform but this rally is not justifying this fact. This is something confusing for investors who are eagerly looking for some reason behind this rally to calm themselves. So what you need to know now at this point? Here is the previous news of BGI stock.

FY2021 Holiday Period Sales Results

On January 14, 2021, Birks stock did announce the interim holiday sales result of the period November 1, 2020, through December 26, 2020. According to the report, net sales represented a reduction of 0.2% as compared to last year as stores were temporarily closed in some regions of Canada due to the Coronavirus outbreak. 7 out of 29 retail stores of the Birks stock were temporarily closed for in-person shopping due to health restrictions. The comparable sales after excluding the 7 stores were increased by 6.8%.E-Commerce sales represented huge growth of 176.0% during the FY2021 Holiday Period.

The CEO and president of the Birks Group was satisfied with the sales result of the holiday period and appreciated the whole management for its efforts in delivering good holiday results, especially in the eCommerce business despite the adverse effects of COVID-19.

Conclusion:

BGI stock captivated the attention of investors due to its continued rising trend despite no specific activity by Birks Group. Birks Group is following the sales trends and that’s why it showed great results in eCommerce sales. In a nutshell, BGI stock is performing well so far but the in-depth analysis is necessary before adding this stock to the portfolio.

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