Why FaZe Holdings Stock Is Racing Higher

FaZe Holdings Inc. FAZE shares are trading higher Tuesday after the company announced a multi-million dollar esports sponsorship deal.

The Details:

Under the terms of the deal, Rollbit will become a global partner of FaZe Clan’s Counter-Strike team, which is currently the number one ranked team according to the CS2 Valve World Ranking.

“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,” said Erik Andersen, president of FaZe Clan.

FaZe shares are moving on very heavy trading volume following the company’s announcement with more than 100 times the stock’s average volume already traded in the session. According to data from Benzinga Pro, more than 127.3 million shares have been traded, compared to the stock’s 100-day average volume of just over 768,000 shares.

Related News: What’s Going On With Snowflake Stock?

FAZE Price Action: According to Benzinga Pro, FaZe Holdings shares are up 118% at 34 cents at the time of publication.

Image: Timur Kozmenko from Pixabay