Well… A picture is worth a thousand words.
I don’t know what to say about this.
They released news about acquiring Counter Custom Burgers and Built Custom Burgers on November 14 at 9:59 after the market opened.
Look at the volume bars below of the chart. Nothing really happened after the news on Nov 14 except around 2 pm with a sizable purchase.
Then Nov 15 comes along and little more purchases pushing the price of the share up little further.
Then today it just exploded. Look at the volume. Avg volume is about 17,000 but today the volume was about 46,000 pushing up the price of the share by 6.44%.
Last 3 days, it went up by 9.49%.
The news was not a super exciting one- well… not the one we had 2 years ago (Remember Kahala acquisition?) and the earnings that they released on Oct 10 wasn’t good (but I loved it because it pushed down the price of shares so I bought more at cheap while the cash flow for the quarter was pretty awesome…).
MTY is one of my biggest holdings now. So I am not really complaining but what made it really go up today?
- Is it the excitement from the acquisition? The burger places seem really trendy and hippy. I know that the millennials are all crazy about hippy, customizable, healthy looking, trendy, green food. restaurant loving, monthly fee paying, YOLO… so that may have done it??? (Maybe a little…)
- Is it more about invasion of our food court king of Canada to uncharted US food court territory?
- or it could be an asset manager building his position as MTY fit into their size requirement?
Well let’s be happy about what happened today after the crash of Linamar 🙂 I have not sold any since the crash and still have 3/4 of position which I am aiming to reduce it to 1/2 eventually (cyclical isn’t my thing…) I just don’t know when that will happen.
Trust me… I am not trying to pump the stock… actually quite the opposite… I want it to stay as low as possible so that I could buy more but I guess I am too late…
Who knows, MTY may spit out tomorrow what just swallowed today. I don’t really care because I am not looking to sell MTY as long as the king kicks asses.
Here is a little bonus for you- I think the video was made 2014. I could not find recent videos and that’s +1 for me. You probably know about me and my investing style now… I love companies staying under the radar… you know companies that no one give a xxxx about… MTY is just that and that’s just so lovely!
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