Genius Group stock rallies again on raised forecast, plans to battle short selling

Galeanu Mihai

Singapore edtech Genius Group shares (NYSE:GNS) rallied for the third straight day in the wake of a raised revenue forecast and news that it was rolling out a plan to crack down on suspected illegal trading in its shares.

Genius Group shares opened at $3.44, slipping to a low of $2.80 before hitting a high of $3.94 in late morning. Shares recently changed hands at $3.67, up 13% from Friday's close, at around 11:40 a.m. ET.

Earlier Monday, Genius Group said that it now expects to generate revenue of between $48M and $52M for 2023. The company's prior guidance was for revenue of between $35M and $38M.

Genius Group's announcement last week that it was hammering out a comprehensive plan to battle illegal manipulation of its shares continued to make waves Monday, with several other companies joining the cause.

Agriforce Growing (AGRI), BriaCell Therapeutics (BCTX) (BCT:CA), Verb Technology (VERB), Ryvyl (RVYL), Helbiz (HLBZ) and SciSparc (SPRC) have also announced plans to crack down on illegal stock activity in their shares, particularly naked short selling.

Shares of Helbiz shot up 40% in late morning trading, while SciSparc shares gained 20% and Verb shares soared around 90%.

Helbiz unveiled its plan to battle illegal short-selling on Friday.