Maxim Group Begins Coverage on Golden Matrix Group (NASDAQ:GMGI)

Analysts at Maxim Group started coverage on shares of Golden Matrix Group (NASDAQ:GMGI) in a research note issued to investors on Friday, Marketbeat reports. The firm set a “buy” rating and a $4.00 price target on the stock. Maxim Group’s price target suggests a potential upside of 86.05% from the company’s previous close.

Golden Matrix Group Trading Up 0.5 %

Shares of GMGI opened at $2.15 on Friday. Golden Matrix Group has a 1 year low of $1.70 and a 1 year high of $6.27. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.82 and a quick ratio of 0.75. The firm has a fifty day moving average of $1.99 and a 200-day moving average of $2.25.

Insider Activity

In related news, insider Aleksandar Milovanovic acquired 50,000 shares of the business’s stock in a transaction that occurred on Monday, February 3rd. The shares were acquired at an average cost of $1.80 per share, for a total transaction of $90,000.00. Following the completion of the purchase, the insider now directly owns 77,834,303 shares in the company, valued at $140,101,745.40. This trade represents a 0.06 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Over the last quarter, insiders bought 270,000 shares of company stock valued at $498,000. 23.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Golden Matrix Group

Hedge funds and other institutional investors have recently modified their holdings of the stock. Geode Capital Management LLC raised its stake in shares of Golden Matrix Group by 6.3% during the third quarter. Geode Capital Management LLC now owns 545,071 shares of the company’s stock valued at $1,270,000 after purchasing an additional 32,182 shares in the last quarter. Barclays PLC raised its position in Golden Matrix Group by 332.6% in the third quarter. Barclays PLC now owns 29,160 shares of the company’s stock worth $67,000 after acquiring an additional 22,420 shares in the last quarter. SG Americas Securities LLC bought a new stake in Golden Matrix Group in the fourth quarter worth about $28,000. Virtu Financial LLC raised its position in Golden Matrix Group by 56.0% in the third quarter. Virtu Financial LLC now owns 23,431 shares of the company’s stock worth $55,000 after acquiring an additional 8,408 shares in the last quarter. Finally, Kera Capital Partners Inc. bought a new stake in Golden Matrix Group in the fourth quarter worth about $40,000. 2.74% of the stock is currently owned by institutional investors.

Golden Matrix Group Company Profile

Golden Matrix Group, Inc provides enterprise software-as-a-service solutions for online casino and sports betting operators. The company develops and owns online gaming intellectual property; and builds gaming platforms for customers located primarily in the Asia Pacific region. Its platform facilitates gaming customers in operating online casinos, sportsbooks, lottery, and live games; and provides customers with access to a portfolio of licensed gaming content, which are provided by gaming content providers.