Why Is FaZe Holding (FAZE) Stock Up 127% Today?


  • FaZe (FAZE) stock is rising on a new sponsorship deal.
  • This has Rollbit sponsoring its Counter-Strike team outside of the United States.
  • The company notes that this is a multi-million dollar sponsorship.
FAZE Stock - Why Is FaZe Holding (FAZE) Stock Up 127% Today?

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FaZe (NASDAQ:FAZE) stock is taking off on Tuesday after the e-sports company announced a multi-million dollar sponsorship deal with Rollbit.

This deal has Rollbit acting as the sponsor of FaZe Clan’s Counter-Strike team outside of the United States. Investors will note that FaZe’s Counter-Strike team ranked number one in the world according to the CS2 Valve World Ranking.

FaZe Clan President Erik Anderson said the following about the sponsorship deal with Rollbit:

“We believe this marks one of the largest sponsorship deals in the history of Counter-Strike and esports, as brands like Rollbit look for new ways to connect with large, highly engaged global audiences. Today’s historic announcement not only demonstrates our shared commitment to competition and excellence, but also ensures a strong and enduring program for our fans.”

What This Means for FAZE Stock

While the sponsorship deal between FaZe and Rollbit didn’t have an exact number on it, investors are excited about the news. That brings with it heavy trading of FAZE stock as some 124 million shares change hands. For comparison, the company’s daily average trading volume is about 400,000 shares.

FAZE stock is up 126.6% as of Tuesday morning.

Investors looking for more of the most recent stock market stories will want to stick around!

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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.

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