Shares of the Reliance Global Group, Inc. (RELI) stock surged in the premarket trading session today on December 21, 2021. RELI stock price saw a push of 105.57% to reach $6.27 a share at the time of this writing. The stock was also green in the previous trading session and went up by 5.90% at closing. Let’s understand the reason behind this bull.

What’s Happening?

There seems to be no RELI stock-specific news in today’s data to justify the bullish sentiment. No press release or any announcement by the company has been made today. Sometimes analyst upgrades or increases in per share target price cause bullish sentiment but this is not the reality for RELI stock. From the social media analysis, it seems that this stock is hot among investors in social platforms like Reddit, Stock Twits which is driving this stock high in the premarket. Recently on December 16, 2021, the CEO of the Reliance Global Group attended the Benzinga All-Access event. For better intuition, let’s discuss some recent events of this stock.

Launch of 5MinuteInsure.com

On December 07, 2021, Reliance did announce the launch of 5MinuteInsure.com in the eight additional states of the United States. Now the platform is available in 20 states across the United States. This represents a combined population of over 100 million. The recently added states to the 5MinuteInsure.com platform are Connecticut, Illinois, New Mexico, Nebraska, Nevada, Vermont, South Dakota Wisconsin.

Financial View of RELI stock

In the third quarter of 2021, RELI generated revenue of $2,581,636 as compared to $1,680,043 in the third quarter of 2020. The commission expense of the company in the reported quarter was $660,708. The commission expense in the same quarter of last year was $399,322. RELI spent $755,130 in general and administrative expenses in the third quarter of 2021 as compared to $1,116,907 in the same quarter of last year. Loss from the operation of the company was $475,208 as compared to $1,092,170 in the same tenure of the previous year. The company suffered a net loss of $595,233 in the third quarter of 2021. This net loss was $1,231,567 in the same quarter of last year.

Conclusion

The sentiment across social media platforms is positive for RELI stock due to which its per-share price is surging in the premarket. The management of the company is keen on executing its growth strategy and expanding its product offering and geographic reach.