Golden Matrix Group (NASDAQ:GMGI) Trading 5.8% Higher – Still a Buy?

Golden Matrix Group, Inc. (NASDAQ:GMGI)’s share price was up 5.8% during mid-day trading on Friday . The stock traded as high as $0.7530 and last traded at $0.7287. Approximately 409,245 shares changed hands during mid-day trading, an increase of 80% from the average daily volume of 227,832 shares. The stock had previously closed at $0.6885.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on GMGI shares. Weiss Ratings reissued a “sell (d)” rating on shares of Golden Matrix Group in a research report on Friday, January 9th. Loop Capital set a $1.80 target price on Golden Matrix Group in a research note on Tuesday, December 16th. Finally, UBS Group set a $1.80 target price on Golden Matrix Group in a report on Tuesday, October 14th. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Golden Matrix Group has a consensus rating of “Hold” and an average price target of $2.53.

Golden Matrix Group Stock Up 5.8%

The company has a quick ratio of 0.52, a current ratio of 0.61 and a debt-to-equity ratio of 0.07. The company has a market cap of $102.92 million, a PE ratio of -14.57 and a beta of 0.31. The company’s fifty day moving average is $0.75 and its 200-day moving average is $1.02.

Insider Activity at Golden Matrix Group

In related news, CEO Anthony Brian Goodman sold 50,000 shares of the company’s stock in a transaction on Monday, December 15th. The stock was sold at an average price of $0.80, for a total transaction of $40,000.00. Following the completion of the sale, the chief executive officer owned 7,270,483 shares in the company, valued at approximately $5,816,386.40. This represents a 0.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last three months, insiders acquired 55,000 shares of company stock valued at $53,100 and sold 200,000 shares valued at $158,000. 24.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Golden Matrix Group

Several hedge funds and other institutional investors have recently made changes to their positions in GMGI. Marshall Wace LLP bought a new position in shares of Golden Matrix Group in the 2nd quarter worth approximately $57,000. Topline Capital Management LLC bought a new position in Golden Matrix Group in the second quarter worth approximately $90,000. Marex Group plc purchased a new position in shares of Golden Matrix Group during the 2nd quarter worth $26,000. Sandhill Capital Partners LLC purchased a new position in shares of Golden Matrix Group during the 3rd quarter worth $195,000. Finally, Squarepoint Ops LLC grew its position in shares of Golden Matrix Group by 115.2% during the 3rd quarter. Squarepoint Ops LLC now owns 148,302 shares of the company’s stock valued at $168,000 after acquiring an additional 79,382 shares during the period. Hedge funds and other institutional investors own 2.74% of the company’s stock.

About Golden Matrix Group

Golden Matrix Group Inc is a technology-driven gaming entertainment company that develops and delivers digital real-money gaming solutions. Incorporated in Nevada with principal operating offices in Malta, the company focuses on providing a comprehensive online gaming platform to licensed operators. Golden Matrix Group’s core mission is to enable its clients to launch and scale casino, sports betting, lottery and other interactive gaming offerings—backed by proprietary technology and a portfolio of third-party content integrations.

The company’s flagship product, the KaFe Rocks platform, combines player account management, risk and fraud monitoring, payment processing, and back-office reporting into a single, modular system.