Genius Group Ltd. (GNS), a global Edtech and education company, closed Tuesday’s regular trading session at $30.50 after a monumental surge of 408.33% during the day. As a result, the stock has slid 27.90% in the premarket trading session and is trading at $22 at the time of the writing, the reason being the profit-taking factor.
Top 5 EV Tech Stocks to Buy for 2023
According a new report published by BloombergNEF on investment in the energy transition, annual spending on passenger EVs hit $388 billion in 2022, up 53% from the year before. Like we said, the boom is accelerating – and the time to buy EV-related tech stocks is now.
Click Here to Download the FREE Report.
GNS Commenced Trading on NYSE
The humongous jump in GNS stock price followed the commencement of trading of its ordinary shares on NYSE American on Tuesday. The offering price of the shares was $6, while they closed the day at $30, marking a jump of more than 400%. A day ago, i.e. on Monday, Genius Group announced the pricing of its underwritten public offering of 3,763,636 ordinary shares with the offering price of $6 per share. The gross proceeds expected from the offering were estimated to be $22,581,816.
Why GNS Blasted?
The monumental explosion in the price of GNS is a bit surprising, as Genius is not considered to be a well-established company, as well as the lead underwriter “Boustead Securities”, is not among the top-tier underwriters. The reason given by market observers for this red hot appeal for GNS is because of its tiny trading float. The company has only sold 3.76 million shares. As a small amount of stock is sold to the public, a minuscule level of buying from the investors tends to rocket the stock, as was apparent on Tuesday.
Educational Sector; a Solid Investment
Educational stocks are perceived to be the most solid picks among all the other categories of stocks, the reason being that they provide a high return on the investment as well as there is no specific risk associated with them. Alongside that, educational stocks have got strong fundamentals, which make them grow throughout the years whilst other stocks remain fluctuating.
Looking ahead, investors should not take the current surge of GNS as a sign of a similar sort of performance in the coming period. As the short sellers would start to enter the stock, the stock could depict an abysmal performance.