Golden Matrix Group (NASDAQ:GMGI) Coverage Initiated by Analysts at Maxim Group

Maxim Group initiated coverage on shares of Golden Matrix Group (NASDAQ:GMGI) in a research note issued to investors on Friday, MarketBeat reports. The firm issued a buy rating and a $4.00 price objective on the stock.

Golden Matrix Group Stock Performance

GMGI stock opened at $2.15 on Friday. The company has a fifty day moving average price of $1.99 and a 200-day moving average price of $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 52-week low of $1.70 and a 52-week high of $6.27.

Insider Buying and Selling at Golden Matrix Group

In other Golden Matrix Group news, insider Aleksandar Milovanovic bought 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 5th. The shares were bought at an average price of $1.85 per share, for a total transaction of $37,000.00. Following the transaction, the insider now directly owns 77,934,616 shares in the company, valued at approximately $144,179,039.60. This trade represents a 0.03 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last quarter, insiders have purchased 270,000 shares of company stock worth $498,000. Insiders own 23.20% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Squarepoint Ops LLC acquired a new position in shares of Golden Matrix Group during the fourth quarter valued at about $84,000. Northern Trust Corp lifted its position in Golden Matrix Group by 6.7% in the 4th quarter. Northern Trust Corp now owns 169,308 shares of the company’s stock valued at $335,000 after acquiring an additional 10,690 shares in the last quarter. Geode Capital Management LLC increased its holdings in Golden Matrix Group by 14.4% during the 4th quarter. Geode Capital Management LLC now owns 623,498 shares of the company’s stock worth $1,235,000 after purchasing an additional 78,427 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of Golden Matrix Group by 460.5% in the fourth quarter. JPMorgan Chase & Co. now owns 50,819 shares of the company’s stock worth $101,000 after purchasing an additional 41,752 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Golden Matrix Group by 24.7% in the fourth quarter. Bank of New York Mellon Corp now owns 40,632 shares of the company’s stock valued at $80,000 after purchasing an additional 8,061 shares in the last quarter. 2.74% of the stock is owned by institutional investors and hedge funds.

About Golden Matrix Group

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.