ZM - What Is Going on With Motorsport Games (MSGM) Stock Today?
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Motorsport Games (NASDAQ:MSGM) stock is rising on Thursday following an update on its latest earnings report and a reverse stock split.
Let’s get the reverse stock split out of the way first. Motorsport Games enacted a one-for-10 reverse stock split for its Class A and Class B shares. This split went into effect when trading started today.
The reverse stock split does two things for MSGM. The first is increasing the price of the company’s shares and the second is reducing its outstanding share count. While this doesn’t have a direct effect on the company’s market capitalization, it can keep help reduce volatility.
Q3 Results Aren’t Coming Out Just Yet
According to a press release from Motorsport Games, it has delayed the release of its earnings report for the quarter that ended on Sept. 30. The original plan was for the company to release earnings today.
Motorsport Games doesn’t have a new date for its earnings report just yet. Instead, the company will put out a press release when it’s ready to announce the new data and time of its earnings release.
With today’s news comes heavy trading of MSGM stock. As of this writing, more than 1 million shares of the stock have changed hands. That’s a massive leap over its daily average trading volume of about 8,000 shares.
MSGM stock is up 24.5% as of Thursday morning.
Investors looking for more of the latest stock market news are in luck!
InvestorPlace is home to all of the hottest stock news for Thursday! A few examples include what has shares of Canoo (NASDAQ:GOEV), Zoom (NASDAQ:ZM), and Digital Turbine (NASDAQ:APPS) stock moving today. You can find more of this news at the links below!
More Thursday Stock Market News
- Canoo (GOEV) Stock Surges 10%% on Production Plans
- ZM Stock Alert: What to Know About Zoom’s Latest Partnerships With Tesla, AMC
- Why Is Digital Turbine (APPS) Stock Up 44% Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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