Traders Jumping on the FunctionX Inc. (NASDAQ:FNCX) Train

FunctionX Inc (NASDAQ:FNCX)

FNCX shares are trading in heavy volumes this morning. The average daily volume for the company is just over 276,000 shares but already over 443,000 FNCX shares have traded by 10AM this morning. This puts volumes on track to trade at over 18 times normal. Shares closed Monday at $0.84, opened Tuesday morning at $0.97 and hit a high of $1.05.

Performance

While FNCX is a darling of traders, long-term investors likely do not have such a favorable opinion of the stock. It is down 89.5% for the year and down over 65% YTD. FNCX is trading over 50% below its 50-day simple moving average and 77% below its 200-day simple moving average.

For 2016 FunctionX Inc. (NASDAQ:FNCX) posted and EPS loss of $33.03 and a sales figure of $4.5 million – down from its 2015 reported sales of $5.7 million. In the meantime, the number of outstanding shares continues to expand from 2013 when it had just 50,000 outstanding shares; then 160,000 in 2014; 840,000 in 2015; and 1.7 million in 2016.

About FunctionX Inc.

FunctionX Inc (NASDAQ:FNCX) operates several digital media properties including Wetpaint.com which is an online destination for entertainment news for millennial women covering the latest in television, music, and pop culture.

In July 2016, FunctionX Inc (NASDAQ:FNCX) acquired Rant, Inc which has established itself as a leading innovator in online media consumption. Known for the well-established brand RantSports, Rant, Inc. has since expanded its reach towards the areas of lifestyle, fitness, exercise, entertainment, technology, and celebrities.

FunctionX Inc (NASDAQ:FNCX) also offers daily fantasy sports experience both directly to consumers and to businesses desiring turnkey solutions through its majority ownership of DraftDay Gaming Group, which is well-positioned to become a significant player in the explosive fantasy sports market. In addition, it operates Choose Digital, a digital marketplace platform that allows companies to incorporate digital content into existing rewards and loyalty programs in support of marketing and sales initiatives.

The company changed its name to Function(x) Inc. in June 2016, a reflection of its commitment to leverage its patented assets in order to become a leader in the booming interactive media space. Function(x) Inc. is based in New York, New York.

FunctionX Inc (NASDAQ:FNCX) leadership is first-rate and CEO Robert Sillerman has been a successful investor in his personal capacity in some of the biggest media brands. The capital structure is also favorable and Sillerman coverted his debt into common and preferred shares to help the company’s financial condition. FunctionX Inc (NASDAQ:FNCX) had a reverse split (1:20) on September 16, 2017.

3/7/2017
Ticker Symbol FNCX
Last Price a/o 10:05 AM EST  $                      0.92
Average Volume                    276,100
Market Cap (mlns)  $                      7.89
Sales (mlns) $3.10
Shares Outstanding (mlns) 9.39
Share Float (mlns) 6.75
Shortable Yes
Optionable No
Inside Ownership 0.00%
Short Float 3.27%
Short Interest Ratio 0.8
Quarterly Return -74.23%
YTD Return -65.15%
Year Return -89.50%

I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 96 hours. All information, or data, is provided with no guarantees of accuracy.

About the author: Marc has a degree in economics and a MSc. in Finance. Over his 20-year career, Marc has worked for global investment firms in Europe and the United States as an analyst, fund manager, and consultant.

Author: Marcus Anderson

Marc has a degree in economics and a MSc. in Finance. Marc worked for global investment firms in Europe and the United States as an analyst, fund manager, and consultant.

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