Golden Matrix Group (NASDAQ:GMGI) Earns Buy Rating from Analysts at Maxim Group

Investment analysts at Maxim Group assumed coverage on shares of Golden Matrix Group (NASDAQ:GMGI) in a research note issued to investors on Friday,Briefing.com Automated Import reports. The brokerage set a “buy” rating and a $4.00 price target on the stock. Maxim Group’s price objective would indicate a potential upside of 86.92% from the stock’s previous close.

Golden Matrix Group Price Performance

Golden Matrix Group stock opened at $2.14 on Friday. The stock’s 50 day simple moving average is $1.99 and its two-hundred day simple moving average is $2.25. The company has a quick ratio of 0.75, a current ratio of 0.82 and a debt-to-equity ratio of 0.18. Golden Matrix Group has a fifty-two week low of $1.70 and a fifty-two week high of $6.27.

Insider Buying and Selling at Golden Matrix Group

In related news, insider Aleksandar Milovanovic purchased 100,000 shares of the company’s stock in a transaction dated Friday, February 14th. The shares were purchased at an average cost of $1.85 per share, with a total value of $185,000.00. Following the transaction, the insider now directly owns 78,414,616 shares in the company, valued at $145,067,039.60. This trade represents a 0.13 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In the last three months, insiders have bought 270,000 shares of company stock valued at $498,000. 23.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Golden Matrix Group

Hedge funds have recently made changes to their positions in the stock. SG Americas Securities LLC bought a new stake in shares of Golden Matrix Group in the 4th quarter worth approximately $28,000. Kera Capital Partners Inc. bought a new stake in shares of Golden Matrix Group in the 4th quarter worth approximately $40,000. Virtu Financial LLC boosted its position in shares of Golden Matrix Group by 56.0% in the 3rd quarter. Virtu Financial LLC now owns 23,431 shares of the company’s stock worth $55,000 after purchasing an additional 8,408 shares in the last quarter. Barclays PLC boosted its position in shares of Golden Matrix Group by 332.6% in the 3rd quarter. Barclays PLC now owns 29,160 shares of the company’s stock worth $67,000 after purchasing an additional 22,420 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of Golden Matrix Group by 24.7% in the 4th quarter. Bank of New York Mellon Corp now owns 40,632 shares of the company’s stock worth $80,000 after purchasing an additional 8,061 shares in the last quarter. 2.74% of the stock is 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.