The Reliance Global Group (NASDAQ: RELI) stock was one of the major gainers on Tuesday. Although there was no material news with regards to the company’s business on Tuesday, the stock soared by as much as 16% and followed up with a further rise of 11% in premarket trading.
While there was no news yesterday, it should be noted that the rally could have been triggered by development from last month. On February 24, the company announced the appointment of a key executive and that might have been a trigger. Reliance Global, which is involved in acquiring and managing insurance agents announced the appointment of Moshe Fishman as its new Director of Insurance Operations.
Fishman will not only be responsible for integrating the different insurance agencies. In addition to that, he is also going to be in charge of rolling out the 5MinuteInsure.com platform. Fishman is an experienced executive in the sector and it is easy to see why investors might have been excited about the appointment.