GNUS Stock Price: Genius Brands International Inc dips after surging on new partnership with LG
- NASDAQ:GNUS falls to close the week amidst another mixed day for global markets.
- GNUS secures a deal with electronics giant LG for its Kartoon Channel app.
- GNUS is hoping to take advantage of more families being stuck at home during the COVID-19 quarantine.
NASDAQ:GNUS saw the momentum from its recent high-profile deal fizzle out as the trading week came to an end as the Beverly Hills-based company fell 2.44% to close Friday at $1.60. The stock finds itself trading at levels above its 50-day moving average but well below its 200-day moving average, as the volatility in the micro-cap firm is evident in its charts. Shares have still returned nearly 450% to investors over the past 52-weeks, the only thing is it has been a bumpy ride during that time as the stock has hit highs of $11.73 and lows of just $0.05.
The recent deal with television and electronics giant LG means that GNUS’ new Kartoon Channel app will be available on all LG televisions for free. Since Genius is an ad-based revenue, the hope is that with more children and families at home watching TV during the COVID-19 pandemic, that the ad-revenue will begin to add up. The deal with LG follows closely in the footsteps of a similar one made with Samsung back in September, so investors should be excited that Genius will be available on two of the largest television platforms in the world.
GNUS stock news
It looks like GNUS is just getting started as well as General Manager Jon Ollwerther mentioned in a statement that the company plans to have several other agreements like this over the next twelve months. If this is true, Genius could be in for a profitable 2021, especially if the COVID-19 quarantines continue until vaccines are readily available.
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Stocks Reporter
FXStreet
