Friday, February 23, 2024
Dividend Stocks

Why Is FaZe Holding (FAZE) Stock Up 127% Today?

Source: Piotr Swat / Shutterstock.com

FaZe (NASDAQ:FAZE) stock is taking off on Tuesday after the e-sports company announced a multi-million dollar sponsorship deal with Rollbit.

This deal has Rollbit acting as the sponsor of FaZe Clan’s Counter-Strike team outside of the United States. Investors will note that FaZe’s Counter-Strike team ranked number one in the world according to the CS2 Valve World Ranking.

FaZe Clan President Erik Anderson said the following about the sponsorship deal with Rollbit:

“We believe this marks one of the largest sponsorship deals in the history of Counter-Strike and esports, as brands like Rollbit look for new ways to connect with large, highly engaged global audiences. Today’s historic announcement not only demonstrates our shared commitment to competition and excellence, but also ensures a strong and enduring program for our fans.”

What This Means for FAZE Stock

While the sponsorship deal between FaZe and Rollbit didn’t have an exact number on it, investors are excited about the news. That brings with it heavy trading of FAZE stock as some 124 million shares change hands. For comparison, the company’s daily average trading volume is about 400,000 shares.

FAZE stock is up 126.6% as of Tuesday morning.

Investors looking for more of the most recent stock market stories will want to stick around!

We have all of the hottest stock market news that traders need to know about on Tuesday! A few examples include what’s happening with shares of TKO Group (NYSE:TKO) stock, Vroom (NASDAQ:VRM) stock and Joby Aviation (NYSE:JOBY) stock today. All of that news is ready to go at the links below!

More Stock Market News for Tuesday

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Read More:Penny Stocks — How to Profit Without Getting Scammed

On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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