Golden Matrix Group (NASDAQ:GMGI) Shares Down 7.8% – Time to Sell?

Golden Matrix Group, Inc. (NASDAQ:GMGI) shares fell 7.8% during trading on Thursday . The stock traded as low as $0.6201 and last traded at $0.6316. 536,456 shares were traded during trading, an increase of 164% from the average session volume of 203,276 shares. The stock had previously closed at $0.6848.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Golden Matrix Group in a research note on Tuesday, October 14th. Loop Capital set a $1.80 price target on shares of Golden Matrix Group in a research note on Tuesday, December 16th. Finally, UBS Group set a $1.80 price target on shares of Golden Matrix Group in a research report on Tuesday, October 14th. One analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Golden Matrix Group currently has an average rating of “Hold” and an average price target of $2.53.

Golden Matrix Group Trading Down 7.8%

The company has a market capitalization of $89.21 million, a PE ratio of -12.63 and a beta of 0.31. The company has a fifty day simple moving average of $0.83 and a 200-day simple moving average of $1.15. The company has a current ratio of 0.61, a quick ratio of 0.52 and a debt-to-equity ratio of 0.07.

Insider Activity

In related news, CEO Anthony Brian Goodman sold 50,000 shares of the firm’s stock in a transaction dated Monday, December 15th. The shares were 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 directly owned 7,270,483 shares in the company, valued at approximately $5,816,386.40. This trade represents a 0.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last ninety days, insiders have bought 55,000 shares of company stock valued at $53,100 and have sold 200,000 shares valued at $158,000. Corporate insiders own 24.00% of the company’s stock.

Institutional Trading of Golden Matrix Group

Several hedge funds have recently made changes to their positions in the company. Susquehanna International Group LLP increased its holdings in shares of Golden Matrix Group by 33.7% during the 3rd quarter. Susquehanna International Group LLP now owns 114,409 shares of the company’s stock worth $129,000 after buying an additional 28,819 shares during the last quarter. Millennium Management LLC grew its position in Golden Matrix Group by 68.8% in the third quarter. Millennium Management LLC now owns 131,812 shares of the company’s stock worth $149,000 after acquiring an additional 53,703 shares during the period. Citadel Advisors LLC increased its stake in Golden Matrix Group by 1,603.2% during the third quarter. Citadel Advisors LLC now owns 206,082 shares of the company’s stock worth $233,000 after acquiring an additional 193,982 shares during the last quarter. Virtu Financial LLC purchased a new stake in Golden Matrix Group in the third quarter valued at $33,000. Finally, Topline Capital Management LLC raised its position in Golden Matrix Group by 1,072.4% in the third quarter. Topline Capital Management LLC now owns 623,909 shares of the company’s stock valued at $705,000 after purchasing an additional 570,694 shares during the period. Hedge funds and other institutional investors own 2.74% of the company’s stock.

Golden Matrix Group Company Profile

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.