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Company Worth Owning: Glory Star New Media Group Holdings Limited (GSMG)

Glory Star New Media Group Holdings Limited (GSMG) shares have dropped -6.84% at $2.18 in Friday’s pre-market session. Glory Star New Media Group Holdings Limited’s stock added 50.97% to finish the last trading session at $2.34. The stock recorded a trading volume of 114.64 million shares, which is below the average daily trading volume published for the last 50 days of 2.5 million shares.


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What happened Recently:

On Aug. 26, 2021, Glory Star New Media Group Holdings Limited (NASDAQ: GSMG) revealed the agreement of a subscription with an institutional investor that entailed the sale of up to 2,857,142 ordinary shares of the Company, or potentially around $10,000,000. Issuing an Ordinary Share and warrant entitles the holders to purchase one Ordinary Share at $4.40 per share. There is a fixed purchase price of $3.50 for each Ordinary Share and Warrant sold. The exercise of each warrant is immediate, and it will expire one year after the issue.

The first closing of the Offering is anticipated to occur on or about August 30, 2021, subject to the satisfaction of customary closing conditions. This represents the sale and purchase of 571,428 Ordinary Shares and warrants to purchase 571,428 Ordinary Shares.

Upon completion of the offering, the Company intends to use the net proceeds for general corporate purposes, including working capital.

 

How does Market Gurus rate this stock?

Analysts estimate the GSMG stock price might go up by 64.0%. This was concluded after the high price target price of $6.50 was set for the shares to achieve over the next 12 months. Analysts also expect that traders would keep the stock price minimum within the range of $6.50. If that happens, then the stock will gain by 64.0% from its current price. The price of GSMG has decreased by -14.91% so far this year.

 

Finally,

The shares of Glory Star New Media Group Holdings Limited have advanced 45.34% in the last five days; however, they have lost -2.90% over the last month. The stock price has shed -34.82% over the last three months and has lost -14.91 percent so far this year. Further, the stock is being traded at a price-to-earnings ratio of 4.73.

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