Why is MGO Global (MGOL) stock up 54% today?

MGO Global (NASDAQ:MGOL) shares are rising on Friday after the lifestyle brands portfolio company issued shares to its management team.

Let’s break down the shares that were issued to executives at MGO Global as part of its 2022 Stock Incentive Plan below!

MGOL shares issued to leaders

• MGO Global issued 4,986 shares to CEO Maximiliano Ojeda
• It also issued 4,987 shares to Chief Brand Officer Virginia Hilfiger.
• Chief Operating Officer Julian Groves was given 4,987 shares by the company.
• 2,640 shares were issued to CFO Dana Perez.
• Finally, 1,100 shares were issued to each non-employee director of MGO Global.

Other statistics worth noting include the company’s float of 717,820 shares. Of these, 65.35% are owned by insiders. Also, short interest in the company is 4.94%.

Furthermore, MGOL is a penny stock. This means it can be very volatile, with or without news.

Today’s stock movement is particularly heavy, with over 28 million shares of MGOL changing hands. For the record, this is well above the average daily trading volume of around 2.6 million shares.

MGOL shares are up 54.3% as of Friday morning.

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As of the date of publication, William White did not hold (either directly or indirectly) any position in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to InvestorPlace.com Publishing Guide.

At the time of publication, the responsible editor had (either directly or indirectly) no position in the securities mentioned in this article.