Why Super Group Is Not Having a Super Day Today

Shares of Super Group (NYSE: SGHC) are plunging 18% at 11:29 a.m. ET on Wednesday after the sports betting and casino app reported first-quarter results that missed Wall Street expectations on the top and bottom line.

Super Group went public earlier this year, merging with the special purpose acquisition company (SPAC) Sports Entertainment Acquisition on Jan. 27. It opened for trading the next day at $8.60 per share and made it as high as $11.09 per share last month, but has bounced around and is currently going for $6.66 per share, 40% below those highs.

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Source Fool.com