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 news out of the way first. Specifically, Motorsport Games has enacted a 1-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 stock. The first is an increase in the price of shares and the second is a reduction of the outstanding share count. While this won’t have a direct effect on the company’s market capitalization, it may help reduce volatility for Motorsport Games.
Q3 Results Aren’t Coming Out Just Yet
According to a press release from Motorsport Games, the company has also delayed the release of its earnings report for the quarter that ended 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 have changed hands. That’s a massive leap over the 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?
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On the date of publication, William White did not hold (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.