Why Genius Brands Stock Plunged Today
Shares of Genius Brands International (NASDAQ: GNUS) declined by 19.5% on Wednesday on relatively little news. The volatile small-cap stock is prone to violent price swings both to the upside and downside, which was once again the case today.
Genius Brands' stock surged ahead of the much-hyped launch of its Kartoon Channel! The free, ad-supported digital service went live on June 15 with an array of kids-focused content and broad distribution. Genius Brands has brought on some top-tier management talent to lead the initiative, and big-time stars to headline its shows.
However, after surging by an astounding 1,500% in 2020 heading up to Kartoon Channel!'s launch date, Genius Brands' shares have shed roughly 30% of their value since then.
Source Fool.com
