Genius Brands International Inc. (NASDAQ: GNUS) jumped 7.58% after the company announced that it will join the Russell 3000® Index at the end of the 2021 Russell indexes annual reconstitution as from June 28, 2021. The stock lost 7.51% in the last trading session.
Genius Brands included in Russell 3000® Index
The 4,000 largest US equities as of May 7 were included in the annual Russell indexes reconstitution, which ranks them by total market cap. In addition, Genius Brands will be included in the Russell 2000® Index as part of its one-year membership in the US all-cap Russell 3000® Index. The membership of FTSE Russell’s Russell indexes is determined mostly by objective market capitalization rankings and style attributes.
Genius Brands CEO Andy Heyward stated that they are excited to be part of the Russell 3000 and Russell 2000 Indexes since it accurately reflects its year-over-year growth. He said Stan Lee’s Superhero Kindergarten, which launched recently, has now achieved over 28 million views, averaging over 4 million views per episode. This makes the cartoon starring Schwarzenegger one of the most popular new cartoon releases in history. Heyward said that they are excited for the end-of-year launch of Superhero Kindergarten on Alibaba’s Youku Kids platform in China, which has over 140 million users.
Kartoon channel gaining traction
Heyward added that in both the Apple and Google app stores, the company’s new kids streaming network Kartoon Channel! is gaining traction, with user satisfaction ratings topping those of Netflix, Disney+, Nickelodeon, Cartoon Network, and YouTube Kids. He said that the free, streaming AVOD network for kids currently covers over 300 million devices and US TV homes. Genius Brands will continue its expansion with the release of new productions such as Shaq’s Garage, Season 3, and a new toy launch around the hit series Rainbow Rangers on Kartoon Channel!.