FansUnite Entertainment Inc (OTCMKTS:FUNFF) stock Trends Higher: Here is Why

If you are looking into stocks which may have recorded significant gains in recent days, then it could be the right time to take a look at the FansUnite Entertainment Inc (OTCMKTS:FUNFF) stock. The stock continued to be on the upward curve yesterday and ended the day with gains of 2%.

Trading Data

On Thursday, FUNFF stock ended up 2% to $0.3468 with more than 429k shares, compared to its average volume of 609k shares. The stock has moved within a range of $0.3400 – 0.3690 after opening trade at $0.3455.     

FansUnite Provides Update on American Affiliate

It should be noted that the gains made yesterday took the rally over the past week to as much as 14%. Yesterday, the company came into focus once again after it announced that American Affiliate had actually displayed considerable growth in both sales and operational performance since it had been acquired by FansUnite Entertainment.

The acquisition in question had actually gone through back on November 23, 2021 and could well be one of the more important acquisitions made by the company in recent times. It was announced that since the day on which the acquisition had been completed, American Affiliate had managed to bring in as much as C$3.4 million in the form of revenues.

It should be noted that the figure is unaudited. However, it is an indication of the fact that a recent acquisition from FansUnite Entertainment has proven to be a growth engine so far.

Key Quote

“The first quarter of 2022 is likely to be the biggest so far for the U.S. online sports betting and casino industry,” continued Grove. “The introduction of new markets like New York, the continued growth of existing markets, and the tentpole events for professional football and college basketball will all combine to create unprecedented levels of consumer interest and online gambling revenue.”

Technical Data

FUNFF stock is trading below the 20-Day and 50-Day Moving averages of $0.036 and $0.39 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.58. The stock is down 38% in the past 3-month.