The Esports Entertainment (NASDAQ: GMBL) stock price has been in a bit of a depression of late, continuing to make lower lows as the year creeps on, yet the last few days have seen some much-needed respite from a bearish landscape – pushing up to premarket gains of 10% this morning.
Investors in the gambling space were quick to jump on the stock yesterday, following the company fiscal year reports – which in general, seemed positive and appeared to project an overall trajectory of year-on-year growth.
Esports’ operational highlights demonstrate a wider presence in the gaming space; with partnerships formed with Game Fund Partners, Square, Riot Games, and The Pro Football Retired Players Association just to name a few prominent industry names. Yet it wasn’t just exclusive partnerships or acquisitions that widened the eyes of investors, the numbers seemed positive as well.
The gambling specialist has been building firm foundations since the company’s IPO in 2020, with the fiscal Q4 2021 alluding to some steady growth. Net revenue and net profit were both up more than 60% for Q3 2021, as well as other driving growth factors such as marketing costs – up to $5.1 million from just $0.3 million the previous year.
The Esports Entertainment stock price has lost a degree of its momentum shortly after Thursday’s market open, holding onto gains of 4%. It seems that the fiscal fanfare died down relatively quickly, regardless of clear company direction. GMBL stock is currently just under the $7 level.
Should You Invest in Esports Entertainment Shares?
One of the most frequently asked questions we receive is, “what stocks are best to buy right now?” It's a wide-ranging question, but one that we have answered… Our AskTraders stock analysts regularly review the market and compile a list of which companies you should be adding to your portfolio, including short and longer-term positions. Here are the best stocks to buy right now
