Global Daily Fantasy Sports Inc. (DFS.V) experienced a significant decline in its stock price on Monday, with shares dropping by 9.5% during mid-day trading. The price fell to a low of C$0.29, matching the last traded price, as 132,200 shares changed hands. This represents a substantial decrease of 73% compared to the average session volume of 489,596 shares. The stock had closed at C$0.32 on the previous trading day.
Market Overview and Company Profile
The decline in share price has impacted the company’s market capitalization, which now stands at approximately C$50.20 million. Global Daily Fantasy Sports Inc. has a price-to-earnings (P/E) ratio of -10.18, indicating ongoing challenges in profitability. The firm’s 50-day moving average is reported at C$0.29, while the 200-day moving average is at C$0.28.
Founded in 1985 and based in Vancouver, Canada, Global Daily Fantasy Sports Inc. operates within the daily fantasy sports (DFS) industry. The company provides DFS software and a network that allows its licensed customers to create customized and branded DFS products for their users. Originally known as Lariat Energy Ltd., the company rebranded to its current name in June 2016.
Despite the recent downturn, the daily fantasy sports sector remains a competitive and evolving market. Investors and analysts will be monitoring Global Daily Fantasy Sports’ performance closely as the company navigates the challenges of the industry.
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