Hall of Fame Resort & Entertainment (HOFV), known for its partnership with major sports brands, soared in 2021 following the announcement that it is entering the NFT space. However, let’s find out if its near-term prospects justify its sky-high valuation.Going public via a SPAC merger in July 2020, sports, entertainment, and media enterprise Hall of Fame Resort & Entertainment Company (HOFV) had a poor debut.
However, the stock soared 256.9% year-to-date to close yesterday’s trading session at $4.39. It reached a peak of $7 on March 29, 2021, owing to its several strategic partnerships and the announcement of its entry into the non-fungible token (NFT) space. However, the company’s financials don’t seem to be promising and it might witness a pullback in the near term.
Here’s what I think could shape HOFV’s performance in the near term:
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