In recent times the Genius Brands International (NASDAQ:GNUS) stock has emerged as an option for plenty of investors who may be interested in entertainment stocks. However, on Thursday, the Genius Brands stock suffered from a strong selloff and ended up with a decline of as much as 10% as a consequence.
On Thursday, GNUS stock declined 9.78% to $0.9112 with more than 11.74 million shares, compared to its average volume of 11.82 million shares. The stock has moved within a range of $0.9000 – 1.0400 after opening trade at $1.03.
Kartoon Channel! Appoints Former Senior Walt Disney Company Executive as Chief Revenue and Marketing Officer for Newly Announced KC! Kidaverse
As it happens, the company was actually in the news yesterday and actually made a key announcement. Genius Brands announced that it had appointed Todd Steinman to the executive team at Kartoon Channel in the capacity of the Chief Revenue and Marketing Officer.
He is going to be responsible for overseeing the progress off Kidaverse, a new show that has been launched by Kartoon Channel. In this regard, it should be noted that the appointment of Steinman is a significant one for Genius Brands. He is a highly experienced growth executive in the industry and had earlier served as the Vice President of the International and Direct to Consumer Division of the entertainment behemoth The Walt Disney Company. Although the Genius Brands stock tanked yesterday, it may still be a good time for investors to consider adding the stock to their watch lists.
Steinman will report to Jon Ollwerther, President of Kartoon Channel! and KC! Kidaverse, who stated: “Todd has a history of driving growth for the most important names in entertainment. With the announcement of the KC! Kidaverse, and the acquisition of Ameba TV, Kartoon Channel! has reached a new inflection point, and I could not be more thrilled to welcome an executive of Todd’s caliber to help drive our business to the next level.”
GNUS stock is trading below the 20-Day and 50-Day Moving averages of $1.07 and $1.18 respectively. Moreover, the stock is below 200-Day moving average of $1.50.