Shares of Genius Brands International Inc. GNUS, +71.51% surged 13% on volume of 2.2 million shares in premarket trading Wednesday, putting them on target to open at a 3-year high, to broaden the kids media company’s ongoing rocket ride higher.
The stock has more than doubled (up 122.1%) in the midst of a three-day win streak through Tuesday and has soared about 13-crease (up 1,187.6%) over the past month.
In comparison, the S&P 500 SPX, +1.03% has increased by 8.8% the past month. “Genius Brands is in the simplest business. We make animated cartoon programs for children, which we distribute around the world, and license the characters on consumer products manufacturers for royalty income,” Chief Executive Andy Heyward said in a messaged statement to MarketWatch. “We started creating characters and programs before four and five years prior and now we are now coming to showcase this year with hundreds of products in each and all category for kids.”
Heyward said the company has also as of late announced its own network service, Kartoon Channel!, which will dispatch on June 15 in more than 100 million TV households in the U.S. what’s more, more than 200 million cell phones.
Over the past month, the company has also announced that it recovered consistency with the Nasdaq’s base offer value listing standard and two registered direct stock offerings that raised a sum of $39 million. Separately, short interest hopped to a record high as of mid-May.