Mind blowing or at least noteworthy, is the 118% increase of the Hall of Fame Resort & Entertainment Company ($HOFV) today, after it was announced that a media deal has been signed with Sports Illustrated Studios. Hall of Fame Resort & Entertainment previously merged with Gordon Pointe Acquisition Corp. through an SPAC deal, to bring the ambitious American football related entertainment company to the public market.
The NFL is a very important addition
The deal includes an exclusive, original docu-series about the NFL Alumni Academy. The NFL Alumni Academy is the development program of the NFL Alumni Association. Through this strategic partnership, Hall of Fame Resort & Entertainment Company can realize its business goals and objectives. This will be pursued by creating professional new content for the media division, with a focus to better support its long-term strategic priorities.
Hall of Fame Resort & Entertainment Company will do this by teaming up with former college and NFL players who are currently not noted on the NFL schedules. By making these players train with former NFL coaches and players, it is the intention that these players reach the required level again and get a new chance in the NFL competition.
What do the figures show today?
The stock was already up 133% today from its last closing price from its recent one-year high of $12.31. The company’s stock price has accumulated -1.04% loss in the past five trading sessions. The company also has a public float of $4.5 million and the shorts have a ratio of 11.99% of that float. Today the average trading volume was set on 249,360 shares.
Shares fell -1.04% over the week, with a monthly decline of -10.38% and a quarterly performance of -66.37%, while the annual performance ratio reached -73.92%. That now seems to have been brushed aside in a day thanks to the agreement signed today. It’s a pretty extreme rise and it’s not certain what the aftershock will be for the stock. Currently it’s a stock that is getting a lot of attention on platforms like Stocktwits and Robinhood, as being one of the hot stocks of the day, if not of this week.
The third quarter teaches us the following
Last week, Hall of Fame Resort & Entertainment Company announced the release date for its third quarter results. The quarterly report for the third quarter ending September 30 was released yesterday on November 4 following close of trading on Nasdaq. With that, the company has filed a Form 10-Q for the quarter. While the revenue of $1.68 million is down -22.6% year-over-year, a positive counterstike may now only be a matter of time.
Hall of Fame Resort & Entertainment Company is an early stage development company that invested approximately $250 million to fund development, including $16 million in the last quarter. The company began the third quarter on July 1, 2020 by completing its business combination with Gordon Pointe Acquisition. Thus, one is at the beginning of the next development phase as a listed company.
About the Hall of Fame Resort & Entertainment Company
The Hall of Fame Resort & Entertainment Company is a resort and entertainment company that harnesses the power and popularity of professional American football and its legendary players in partnership with the Pro Football Hall of Fame. The Hall of Fame Resort & Entertainment Company, headquartered in Ohio, owns the Hall of Fame Village powered by Johnson Controls, a multipurpose sports, entertainment, and media destination located around the Pro Football Hall campus of Fame.
Additional information about the company can be found at www.hofreco.com
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