Newly public Mobile Global Esports (NASDAQ:MGAM) stock plunged 40% on Tuesday after gaining 16% during Monday’s session.
Shares of the India-focused esports group, also known as Mogo, opened at $10.51, reaching a high of $10.90 in early trading before sliding to a low of $7.39. The stock recently changed hands at $7.83 at approximately 11:30 a.m. ET.
Mogo went public through a $6M initial public offering on Friday, with the company offering 1.5M shares priced at $4 per share. The stock ended its first session at $11.19.
Shares of Mogo climbed as high as $20.74 on Monday, ending their second day of trading 16% higher.
Image and article originally from seekingalpha.com. Read the original article here.