Why Genius Brands Stock Plunged Today
Shares of Genius Brands International (NASDAQ: GNUS) plummeted on Friday, following bearish comments by Citron Research. By the close of trading, Genius Brands' stock was down more than 13% after falling as much as 27% earlier in the day.
Genius Brands stock went on an epic run in 2020. By June 3, the kids' entertainment company's shares had risen an astounding 2,800%. The gains were due in part to the anticipated launch of the company's new free, ad-supported digital network, the Kartoon Channel!
In a letter to shareholders, CEO Andy Heyward went so far as to liken the service to a "Netflix for kids" and an "economic vaccine for COVID-19." Heyward also boasted of a toy deal with Mattel for Genius Brands' Rainbow Rangers series, which he said would be available in Walmart stores by August.
Source Fool.com
