Enthusiast Gaming (NASDAQ:EGLX) Trading Up 5.4% Following Analyst Upgrade

Enthusiast Gaming Holdings Inc. (NASDAQ:EGLX)’s stock price was up 5.4% during trading on Wednesday after HC Wainwright raised their price target on the stock from $7.00 to $8.00. HC Wainwright currently has a buy rating on the stock. Enthusiast Gaming traded as high as $4.31 and last traded at $4.28. Approximately 24,445 shares changed hands during mid-day trading, a decline of 96% from the average daily volume of 605,109 shares. The stock had previously closed at $4.06.

EGLX has been the subject of a number of other reports. Scotiabank began coverage on shares of Enthusiast Gaming in a research report on Thursday, July 29th. They set an “outperform” rating and a $9.25 price target for the company. Royal Bank of Canada began coverage on shares of Enthusiast Gaming in a research report on Friday, October 1st. They set an “outperform” rating and a $9.00 price target for the company. Zacks Investment Research raised shares of Enthusiast Gaming from a “sell” rating to a “hold” rating in a research report on Tuesday, November 16th. Finally, Canaccord Genuity lowered their price target on shares of Enthusiast Gaming from C$11.00 to C$9.00 and set a “buy” rating for the company in a research report on Thursday, November 11th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, Enthusiast Gaming currently has an average rating of “Buy” and an average price target of $8.81.

A number of large investors have recently added to or reduced their stakes in the business. UBS Group AG increased its stake in Enthusiast Gaming by 64.2% during the 3rd quarter. UBS Group AG now owns 8,554 shares of the company’s stock valued at $31,000 after purchasing an additional 3,345 shares in the last quarter. Optimum Investment Advisors bought a new stake in Enthusiast Gaming during the 2nd quarter valued at about $29,000. Geode Capital Management LLC increased its stake in Enthusiast Gaming by 5.8% during the 3rd quarter. Geode Capital Management LLC now owns 89,678 shares of the company’s stock valued at $324,000 after purchasing an additional 4,908 shares in the last quarter. Advisor Group Holdings Inc. increased its stake in Enthusiast Gaming by 58.1% during the 3rd quarter. Advisor Group Holdings Inc. now owns 13,980 shares of the company’s stock valued at $51,000 after purchasing an additional 5,140 shares in the last quarter. Finally, Shell Asset Management Co. bought a new stake in Enthusiast Gaming during the 2nd quarter valued at about $46,000. Institutional investors and hedge funds own 18.95% of the company’s stock.

The firm has a market capitalization of $540.61 million and a P/E ratio of -13.44. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.01. The business’s 50 day simple moving average is $3.66 and its two-hundred day simple moving average is $4.98.

Enthusiast Gaming Company Profile (NASDAQ:EGLX)

Enthusiast Gaming Holdings Inc engages in the media, content, entertainment, and esports businesses the United States, Canada, and internationally. The company operates an online network of approximately 100 gaming related websites; owns and operates Enthusiast Gaming Live Expo, a video-gaming expo; provides management and support services to players involved in professional gaming; and owns and manages esports teams, which cover games comprising Call of Duty, Madden, Fortnite, Overwatch, Apex, and Valorant; and produces and programs approximately 30 weekly shows across AVOD and OTT channels, and represents approximately 500 gaming influencers across YouTube and Twitch.

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