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Esports Entertainment Group, Inc. (NASDAQ:GMBL) Sees Significant Decline in Short Interest

Financial News Live ·  02/01 06:21

Esports Entertainment Group, Inc. (NASDAQ:GMBL – Get Rating) saw a large decrease in short interest in the month of January. As of January 15th, there was short interest totalling 4,990,000 shares, a decrease of 11.8% from the December 31st total of 5,660,000 shares. Based on an average daily trading volume, of 10,530,000 shares, the days-to-cover ratio is currently 0.5 days.

Hedge Funds Weigh In On Esports Entertainment Group

Institutional investors have recently made changes to their positions in the company. Bank of New York Mellon Corp boosted its holdings in Esports Entertainment Group by 180.8% during the first quarter. Bank of New York Mellon Corp now owns 56,276 shares of the company's stock worth $41,000 after buying an additional 36,236 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Esports Entertainment Group by 29.0% during the 1st quarter. Vanguard Group Inc. now owns 303,916 shares of the company's stock worth $220,000 after acquiring an additional 68,351 shares in the last quarter. Renaissance Technologies LLC grew its position in shares of Esports Entertainment Group by 458.6% during the 1st quarter. Renaissance Technologies LLC now owns 1,205,260 shares of the company's stock valued at $871,000 after acquiring an additional 989,507 shares during the period. UBS Group AG purchased a new position in shares of Esports Entertainment Group in the 1st quarter valued at about $27,000. Finally, Engineers Gate Manager LP increased its stake in shares of Esports Entertainment Group by 87.0% in the 1st quarter. Engineers Gate Manager LP now owns 64,184 shares of the company's stock valued at $46,000 after purchasing an additional 29,864 shares in the last quarter. 7.41% of the stock is owned by hedge funds and other institutional investors.

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Analyst Upgrades and Downgrades

Separately, HC Wainwright cut shares of Esports Entertainment Group from a "buy" rating to a "neutral" rating in a research note on Thursday, October 6th.

Esports Entertainment Group Stock Performance

Shares of NASDAQ GMBL traded up $0.01 during trading on Tuesday, reaching $0.11. 107,370,844 shares of the company traded hands, compared to its average volume of 44,144,727. The firm's fifty day simple moving average is $0.10 and its 200 day simple moving average is $0.22. Esports Entertainment Group has a 12-month low of $0.07 and a 12-month high of $3.70.

Esports Entertainment Group (NASDAQ:GMBL – Get Rating) last announced its quarterly earnings results on Monday, November 14th. The company reported ($0.16) earnings per share for the quarter, beating the consensus estimate of ($0.21) by $0.05. Esports Entertainment Group had a negative return on equity of 2,169.41% and a negative net margin of 338.81%. The company had revenue of $9.61 million during the quarter, compared to analysts' expectations of $11.25 million. On average, equities analysts forecast that Esports Entertainment Group will post -0.31 earnings per share for the current year.

About Esports Entertainment Group

(Get Rating)

Esports Entertainment Group, Inc operates as an online gambling platform. It offers bet exchange style wagering on esports events in a licensed, regulated and secure platform to the global esports audience. It operates through the following geographical segments: Antigua, Malta, Curacao and United States.

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