Why did Bird Global (BRDS) stock rise 19% today?
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world bird (NYSE:BRDS) shares rise on Friday as the company’s shares continue their recent rally.
The news behind this gathering is the micromobility company expanding into the Greater Toronto Area. This will allow it to act as the exclusive operator of shared electric scooters in the City of Hamilton. It will also provide these means of transportation to Brampton and Oshawa.
Bird Global notes that its expansion is expected to take place in the spring. This will see the fleet launch in the City of Hamilton on April 3, 2023. Brampton and Oshawa are expected to get their electric scooters in the coming weeks.
Stewart Lyons, President of Bird Global, had the following to say about the news:
“Since our inception, we have been committed to partnering with cities to expand access to reliable and sustainable transportation through shared micromobility programs and expansion into the Greater Toronto Area has long been a priority for We.
Movement of BRDS shares today
News of the expansion caused BRDS shares to see incredibly intense trading on Friday. Shares of the company traded on some 17.4 million shares on Friday morning. To put that into perspective, the company’s average daily trading volume is closer to 282,000 shares.
BRDS stock was up 19% in premarket trading on Friday after gaining around 25% yesterday.
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As of the date of publication, William White had (neither directly nor indirectly) any position in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com publishing guidelines.
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