Why Gan Limited Stock Fell as Much as 18% This Week
Shares of Gan Limited (NYSEMKT: GAN), which provides online betting products and services, were lower by as much as 18% at one point this week. They started Friday, Nov. 19, off by a little more than 16% according to data from S&P Global Market Intelligence. The downturn actually started last Friday when the company reported third-quarter 2021 earnings, sending the stock down as much as 10% on Nov. 12.
The company's earnings were a bit of a mixed bag. On the one hand, Gan's revenue rose materially year over year in the third quarter, more than tripling to roughly $32.3 million. However, it was down 7% from the second quarter, which the company said was largely due to weak sports gaming results and seasonality. On the bottom line the company lost $0.19 per share, which was worse than $0.10 it lost in the third quarter of 2020, the $0.07 it lost in the second quarter of 2021, and Wall Street's expectations for $0.13 per share of red ink. As the market has digested these numbers it hasn't gotten any more comfortable with the results and the stock has continued to fall all week long. The stock started trading on Nov. 19 down by roughly 22% since it reported earnings.
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Source Fool.com
