Shares of the Genius Brands International, Inc. (GNUS) stock were rising in the pre-market today on May 24, 2021, despite no specific activity by Genius Brands. GNUS stock price saw a push of 1.26% to reach $1.61 a share at the time of this writing. At the previous closing, GNUS stock price closed at $1.59 per share recording no loss or gain. Let’s discuss more the penny stock.
What’s happening?
Genius Brands International, Inc is famous for creating content for kids around the globe. There seems to be no news related to GNUS stock to explain the reason behind this bull. No announcement by the GNUS stock or earning report has been in the recent news to justify this rise. No current analysts’ upgrades or increased per share targeted price of GNUS stock has been done. So, it is better to look at some recent events of the GNUS stock right now.
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First Quarter 2021 Performance:
GNUS stock on May 18, 2021, announced its first-quarter 2021 financial results according to which its revenue for the reported quarter skyrocketed 218% to reach $1.1 million as compared to $335,000 in the same quarter of the previous year. The acquisition of ChizComm Ltd. and ChizComm Beacon Media significantly contributed to the revenue of the first quarter of 2021. However, the revenue from the primary sources decreased by 16% over the year.
As of March 31, 2021, Genius stock had cash and cash equivalents of $143.6 million and no long-term debt. In the first quarter, GNUS stock received $57 million resulting from the exercise of warrants partially offset by the $69.1 million non-cash expense of the grant of new warrants.
Recent Developments:
“Stan Lee’s Superhero Kindergarten” from the Kartoon! Channel had more than 16 million views as of May 18, 2021, which means 3.2 million average views per episode.
In April 2021, GNUS stock signed a digital content partnership with Cinedigm Corp according to which popular global films and series would be offered by the latter.
Conclusion:
GNUS stock is hot among the investors in today’s pre-market although there is no specific reason attributed to it. No doubt that views of its Kartoon! Channel has exceeded all the expectations and would likely grow more in the future. Strong revenue in the first quarter of 2021 financial results and a strong cash balance with no long-term debt suggest that GNUS stock is in a good position for further growth. Hence it can be a good bet in the future.