Falcons Beyond Global (NASDAQ:FBYD) stock is taking a beating on Thursday as the entertainment company’s shares are retreating from a recent rally.
Unusual trading activity on Wednesday resulted in shares of FBYD stock closing out the day up 75.4%. That’s despite a lack of news from the company and no other news that would cause its shares to rally that high.
Instead, the jump in price for FBYD stock came alongside heavy trading of its shares. That saw more than 1.3 million shares change hands during normal trading hours yesterday. To put that in perspective, Falcons Beyond Global’s daily average trading volume is closer to 240,000 shares.
What That Means for FBYD Stock Today
Considering the massive rally the company’s shares went through yesterday, it makes sense that FBYD stock would give up some of those gains the following day. With that comes minimal trading of the shares as only about 14,000 units have been traded as of this writing.
Investors will note that Falcons Beyond Global is a recent addition to the public market. The company’s shares started trading earlier this month. That came about after it completed a special purpose acquisition company (SPAC) merger with FAST Acquisition Corp. II.
FBYD stock is down 17.6% as of Thursday morning.
Investors looking for even more of the most recent stock market stories today will want to stick around!
InvestorPlace is offering up coverage of all the hottest stock market news traders need to know about on Thursday! A few examples of that include what has shares of Nxu (NASDAQ:NXU) and Zapp Electric Vehicles (NASDAQ:ZAPP) stock up today, as well as a look at the biggest pre-market stock movers this morning. All of that news is ready to go down below!
More Thursday Stock Market News
- Why Is Nxu (NXU) Stock Up 38% Today?
- Why Is Zapp Electric Vehicles (ZAPP) Stock Up 69% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Thursday
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.
