Hall of Fame Resort & Entertainment Company (HOFV) shares declined 13.73% in after-hours on Wednesday, September 1, 2021, and closed the daily trading at $2.89. even in the regular trading session, HOFV’s stock lost 0.30%. HOFV shares have fallen 19.66% over the last 12 months, and they have moved up 3.40% in the past week. Over the past three months, the stock has lost 20.24%, while over the past six months, it has surged 70.92%.
Let’s see why did it face negativity on Wednesday?
HOFV Postponed Highway 77 Music Festival
On September 01, 2021, the Hall of Fame Resort & Entertainment Company (HOFV) postponed the Highway 77 Music Festival that as a result of an increase in COVID-19 cases throughout Ohio.
The Highway 77 Music Festival, which was scheduled to take place on September 12, 2021, is being postponed out of an abundance of caution and will be rescheduled to a to-be-determined date in summer 2022.
HOFV recent financial results announcement
On August 12, 2021, Hall of Fame Resort & Entertainment Company (HOFV) announced its second-quarter fiscal 2021 results for the period ended June 30, 2021.
Q2 2021 financial highlights
- HOFY reported revenue of $2.4 million for Q2 2021 compared to $1.7 million in Q2 2020.
- Total operating expenses were $11.04 million compared to $5.76 million in Q2 2020.
- Net loss was $15.5 million in Q2 2021 compared to $9.7 million net loss in Q2 2020.
- Adjusted EBITDA was a loss of $5.6 million in Q2 2021, compared to $1.3 million in the same period of the prior year.
- As of June 30, 2021, the company had a cash balance, including restricted cash, of $73.7 million, compared to $68.5 million as of March 31, 2021.
HOFV announced beverage sponsor
On August 12, 2021, Hall of Fame Resort and Entertainment Company (HOFV) announced that America’s best-loved brewery, Anheuser-Busch, will serve as an official alcoholic beverage sponsor for one of the biggest country music concerts of the summer – the Highway 77 Music Festival.
New HOFL App
On August 09, 2021, the Hall of Fame Resort and Entertainment Company (HOFV) announced the mobile app for the Hall of Fantasy League (HOFL) is now available for download on the App Store. The HOFL is the first national fantasy football league that allows sports fans to experience a fantasy football team with a community of shared Stakeholders.
Conclusion
HOFV stock went down after the company postponed its upcoming music festival and recently its financial results were not promising as well. It can further face negativity in the coming trading days as well.
