Is Motorsport Games Inc. (MSGM) Spectacular +39.96% Surge Justified

On Thursday, Motorsport Games Inc. (MSGM) the stock experienced a significant gain of 2.21 (+39.96%), closing at 7.74 after opening at 5.48. The day’s trading range spanned from 5.41 to 8.88, with a bid of 7.50 x 800 and an ask of 7.73 x 800. The trading volume reached 4,727,694 shares, significantly higher than the average volume of 1,489,051, pushing the market cap to 21.884 million and reflecting a 5-year monthly beta of 2.86.

About 2 weeks ago, Motorsport Games Inc. had reported its financial results for Q4 and the fiscal year ending December 31, 2022. Despite facing challenges such as the ongoing war in Ukraine and operational hurdles, CEO Dmitry Kozko praised the resilience of the team. The company has made progress in its 2022 product release schedule and remains committed to the development of its INDYCAR, NASCAR, Le Mans, and BTCC gaming experiences. Kozko also highlighted the company’s improved balance sheet following recent capital raises, a debt exchange with its majority shareholder, and the addition of three new independent directors to the board, which helped regain compliance with NASDAQ listing requirements. Furthermore, Jason Potter has been welcomed as the new CFO.

Other companies in Motorsport Games’s space includes: Skillz (NYSE:SKLZ), Snail (NASDAQ:SNAL), DouYu Intl Hldgs (NASDAQ:DOYU), Golden Matrix Group (NASDAQ:GMGI) and SciPlay (NASDAQ:SCPL).