World Chess (LON:CHSS) Trading Down 7.7% After Insider Selling

World Chess PLC (LON:CHSS)’s stock price was down 7.7% during trading on Thursday following insider selling activity. The stock traded as low as GBX 2.50 ($0.03) and last traded at GBX 3 ($0.04). Approximately 651,572 shares were traded during mid-day trading, a decline of 34% from the average daily volume of 981,474 shares. The stock had previously closed at GBX 3.25 ($0.04).

Specifically, insider Ilya Merenzon sold 4,740,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 17th. The stock was sold at an average price of GBX 3 ($0.04), for a total transaction of £142,200 ($191,489.36). Also, insider Ilya Merenzon sold 2,500,000 shares of World Chess stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of GBX 3 ($0.04), for a total transaction of £75,000 ($100,996.50). In other news, insider Ilya Merenzon sold 2,600,000 shares of World Chess stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of GBX 4 ($0.05), for a total transaction of £104,000 ($140,048.48).

World Chess Stock Performance

The firm has a market cap of £24.90 million and a P/E ratio of -5.89. The firm’s fifty day moving average price is GBX 3.30 and its 200 day moving average price is GBX 3.88.

About World Chess

World Chess (LSE: CHSS) is a London-based chess gaming and entertainment company and International Chess Federation (‘FIDE’) official commercial partner.

The Company’s vision is to build a global, leading intellectual sports brand by reinventing chess for the modern consumer. World Chess intends to do this by becoming the leading platform for the global chess community through online, in person and hybrid chess events and activities, and by providing complementary product offerings to players, spectators, and partners through its ecosystem, which is made up of the following pillars.

FIDE Gaming Platform

World Chess runs FIDE Chess Arena, the exclusive official gaming platform of FIDE and has the official rights to offer its players the official ratings and titles, recognised by FIDE.

Events and Competitions

The Company is experienced in organising events and competitions to promote the sport including the organisation of three World Chess Championship matches.

Recently, World Chess developed and launched the Armageddon Series, the chess league for prime-time television.