Esports Entertainment Group Inc [NASDAQ: GMBL] stock went on an upward path that rose over 48.65% on Tuesday, amounting to a one-week price increase of more than 47.32%. The company report on December 20, 2023 at 8:00 AM that Esports Entertainment Group Announces Reverse Stock Split.
St. Julian’s, Malta–(Newsfile Corp. – December 20, 2023) – Esports Entertainment Group, Inc. (NASDAQ: GMBL) (NASDAQ: GMBLP) (NASDAQ: GMBLW) (NASDAQ: GMBLZ) (“Esports Entertainment”, “EEG”, or the “Company”), a leading, global iGaming company and business-to-business (B2B) esports content and solutions provider, today announced that its Board of Directors has approved a 1-for-400 reverse stock split of the Company’s common stock, par value $0.001 (the “Common Stock”). The reverse stock split will become effective at 4:01 PM ET on December 21, 2023. The Common Stock is expected to begin trading on a split-adjusted basis on the Nasdaq Capital Market under the same symbol “GMBL” when the market opens on December 22, 2023, with the new CUSIP number 29667K603.
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The reverse stock split was approved by the Board of Directors in accordance with Nevada law, under which no stockholder approval is required. As a result of the reverse stock split, every 400 shares of common stock issued and outstanding as of the effective date will be automatically combined into one share of common stock with no change in the $0.001 par value per share. The exercise prices and the number of shares issuable upon exercise, of the outstanding stock options and warrants, and the number of shares available for future issuance under the equity incentive plans will be adjusted in accordance with their respective terms. The reverse stock split will affect all stockholders uniformly and will not affect any stockholder’s ownership percentage of the Company’s shares, with the exception of those holders of fractional shares. The reverse stock split will reduce the number of outstanding shares of Common Stock from approximately 426 million to approximately 1.065 million shares and also proportionately reduce the number of authorized shares of Common Stock from 500 million to 1.25 million shares. In order to raise capital to maintain compliance with minimum equity listing requirements, we intend to seek stockholder approval to increase the number of authorized shares of common stock at our annual shareholders meeting.
Over the last 12 months, GMBL stock dropped by -99.93%. The one-year Esports Entertainment Group Inc stock forecast points to a potential upside of 99.59. The average equity rating for GMBL stock is currently 3.00, trading closer to a bullish pattern in the stock market.
Compared to the average trading volume of 624.00K shares, GMBL stock reached a trading volume of 6514558 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Guru’s Opinion on Esports Entertainment Group Inc [GMBL]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for GMBL shares is $800.00 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on GMBL stock is a recommendation set at 3.00. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
ROTH Capital have made an estimate for Esports Entertainment Group Inc shares, keeping their opinion on the stock as Buy, with their previous recommendation back on November 02, 2021.
The Average True Range (ATR) for Esports Entertainment Group Inc is set at 0.93, with the Price to Sales ratio for GMBL stock in the period of the last 12 months amounting to 0.22.
GMBL Stock Performance Analysis:
Esports Entertainment Group Inc [GMBL] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 47.32. With this latest performance, GMBL shares dropped by -19.90% in over the last four-week period, additionally sinking by -98.05% over the last 6 months – not to mention a drop of -99.93% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for GMBL stock in for the last two-week period is set at 43.73, with the RSI for the last a single of trading hit 55.99, and the three-weeks RSI is set at 35.85 for Esports Entertainment Group Inc [GMBL]. The present Moving Average for the last 50 days of trading for this stock 5.90, while it was recorded at 2.40 for the last single week of trading, and 257.41 for the last 200 days.
Insight into Esports Entertainment Group Inc Fundamentals:
Esports Entertainment Group Inc’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.22 and a Current Ratio set at 0.22.
GMBL Stock EPS
With the latest financial reports released by the company, Esports Entertainment Group Inc posted -4000/share EPS, while the average EPS was predicted by analysts to be reported at -7400/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 45.90%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for GMBL.
Esports Entertainment Group Inc [GMBL] Institutonal Ownership Details
The top three institutional holders of GMBL stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in GMBL stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in GMBL stock with ownership which is approximately 5.8325%.
