RAVE Restaurant Group (RAVE) Stock Rockets

RAVE Restaurant Group RAVE Stock News

RAVE Restaurant Group Inc (NASDAQ: RAVE) stock is running for the top in the market this morning. The stock is trading on over 300% premarket gains after announcing the hiring of two new members to its management team yesterday. Here’s what’s happening:

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RAVE Hires Two New Executives

In the press release, RAVE Restaurant Group announced that it has hired Darren Webb and Dion Firooznia. Mr. Webb will act as the director of development for RAVE, supporting both Pizza Inn and Pie Five. Mr. Firooznia has been hired as a franchise business consultant to serve Pizza Inn.

Both of these new hires have extensive experience in the space. RAVE pointed to Webb’s nearly 15 years of experience in spurring development throughout the Southeast as the director of real estate for Bojangles, real estate manager for Sam’s Xpress Car Wash, and director of franchise real estate for Take 5 Oil. At RAVE, Webb will be focused on the national expansion of both Pizza Inn and Pie Five. He will also leverage his experience to offer real estate and construction support while focusing on expanding franchise agreement with existing owners.

Firooznia has 26 years of industry experience. He worked with Webb at Bojangles and was an operating partner for 14 Qdoba Mexican Eats Restaurants. Firooznia will work with franchise owners to execute and improve company initiatives at the local level.

In a statement, Mike Burns, COO at RAVE, had the following to offer:

The addition of these positions is an investment in the future of RAVE, and I’m excited to add dedicated resources for our franchisees. 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. 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.

The above statement was followed up by Brandon Solano, CEO at RAVE. Here’s what he had to say:

Darren has a great network in the Southeast, specifically in the Carolinas. Dion is a skilled communicator, a best-in-class operator and an expert at building relationships. Those skills will serve him well with franchisees. We believe Pizza Inn has huge potential to thrive in the North Carolina market, and these two men will be key for RAVE to develop a stronger presence in this area of the country.

So What?

There are a couple of factors at play here. Over the past several months, the restaurant industry has felt pain due to the COVID-19 pandemic. RAVE has felt serious pain as a result.

As we start to move past COVID-19, many are starting to look for the down trodden companies to buy on a discount. RAVE Restaurant Group seems to be a perfect opportunity. So, when the stock started to rise yesterday as a result of the hiring news, bandwaggon jumpers joined in, leading to the dramatic gains we’re seeing today. Nonetheless, even with the dramatic gains, RAVE stock has plenty more room in this recovery and could be a great buy, even at these levels.

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