What's Going On With MGO Global Stock?

MGO Global Inc MGOL shares closed Wednesday up more than 80% and are continuing to trade higher Thursday on the heels of an announcement that soccer legend Lionel Messi will join Major League Soccer's Inter Miami.

What To Know: MGO Global is a performance-driven lifestyle brand portfolio company focused on direct-to-consumer digital commerce. Notably, the company is the operator of the Messi Store, a lifestyle apparel brand by Messi.

As previously reported by Benzinga, MGO Global stands to benefit from Messi's new fan base, which is likely to increase merchandise sales from the soccer legend. 

Everything You Need To Know: Lionel Messi Joins MLS In Surprise Move: Here's How Apple Could Have Played Into Decision To Join David Beckham's Team

Last month, MGO Global said revenues increased 238% in the first quarter and revenue generated from Messi brand apparel, accessories and homewares represented 87% of total first-quarter revenues. 

MGOL Price Action: Despite this week's surge, MGO Global is still significantly below its 52-week highs, per Benzinga Pro.

The stock was down 9.96% at $2.08 at the time of writing. 

Photo: Football Pictures from Flickr.