What's Going On WIth Lottery.com Stock?

Lottery.com, Inc. LTRY shares are trading lower Friday following gains of 196% on Thursday. The stocks remains up by nearly 100% over the past five days. Here's a look at what's going on:

What To Know:

Lottery.com announced an $18 million investment commitment from Prosperity Investment Management on Thursday which sent the stock racing higher. The company said that the funds will be used to accelerate its strategic acquisition plans and fund market development initiatives for the Lottery.com and Sports.com brands.

"Prosperity's expertise and network in high-profile sports arenas offer an unrivaled opportunity for brand exposure and consumer engagement. This partnership not only fortifies the Company's balance sheet but also positions us to leverage the global appeal of motorsport for market development and audience expansion," said Matthew McGahan, CEO of Lottery.com.

Shares of Lottery.com are falling on heavy trading volume Friday. According to data from Benzinga Pro, more than 784 thousand shares have already been traded in the session, compared to the stock's 100-day average volume of less than 211 thousand shares.

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LTRY Price Action: According to Benzinga Pro, Lottery.com shares are down by 25% at $2.72 at the time of publication.

Image: Mohamed Hassanfrom Pixabay