This is an addition to the Weekly Gainers post where we've analyzed the most discussed stocks on Twitter over the past week. Fat Brands Inc. took 1st place with the biggest number of ticker mentions on Twitter. We decided to take a closer look at what happened and analyze how such an indirect company's performance indicator as ticker mentions can affect its stock price.
FAT Brands Inc., a multi-brand franchising company, acquires, develops, and markets quick-service, fast-casual, and casual dining restaurant concepts worldwide. As of March 28, 2021, it owned nine restaurant brands, including Fatburger, Johnny Rockets, Buffalo’s Cafe, Buffalo’s Express, Ponderosa Steakhouse, Bonanza Steakhouse, Hurricane Grill & Wings, Yalla Mediterranean, and Elevation Burger, as well as franchised approximately 700 locations. The $FATBB was actively discussed on Twitter over the last week (more than 1000 ticker mentions):
Such a social buzz has been caused by a loud announcement - on November 2nd, the $FATBB purchased Italian quick-service restaurant chain- Fazoli's - for $130M from funds under management by Sentinel Capital Partners. Fazoli's is known for its freshly prepared pasta, Submarinos sandwiches, and signature breadsticks. The chain has over 200 stores currently open with a development pipeline of 100 units over the next several years. The Fat Brands Class B shares skyrocketed almost 200% after this announcement since social media posters appear to pump the shares.
It was just an example of how social media can affect the stock price. We track the tickers mentions on Reddit and Twitter on a daily basis to let you spot some interesting companies for your investments. Also, we send our customers alternative data signals online so you won't miss if any of the companies of your interest get lots of social buzz, new employees, website traffic, etc.
You can also check other alternative data metrics for $FATBB here: https://contora.ai/ticker/fatbb