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After making its public debut on Friday, Mobile Global Esports shares keep moving higher.
RACHELLE AKUFFO: "Triple Play" is on deck. I'm kicking us off with my pick first, which is mobile global esports ticker, MGAM. Now the US IPO market is expected to be rather lackluster for the second half of the year, but MGAM pressed ahead anyway. The company, as you can see there, it IPO-ed on Friday and is still enjoying gains today, now up about 7%, but this morning, the stock was popping nearly 80% in early trading.
Now, this company was actually only created last year, in March. And that was to handle the sports industry of India's esports business, and its operations primarily focus on Indian and South Asian markets. But it doesn't have significant revenues or operations yet, but trading volume jumping from 14 million on Friday to almost 23 million today. Now, this could just be a case of fear of missing out that's fueling this rally, as it's still very early days, so we'll have to track what that one is doing tomorrow. Seana.
SEANA SMITH: Yeah, Rachelle, taking a look at the interest that we've seen in some of these plays in the esports space, it reminds me of the activity maybe that we see in some of those meme stocks, but we'll have to wait and see what the interest looks like in a few days. It's the second esports stock to IPO. We had FaZe Clan last week.
The growth potential, though, here, maybe that's what investors are seeing real opportunity with. There was a recent research note saying the global esports industry is expected to reach $12.4 billion by 2030, compound annual growth rate of nearly 22% between now and 2030, so they're on to something. I don't know, though. I think we should expect to see some volatility in those two plays.