Jannah Theme License is not validated, Go to the theme options page to validate the license, You need a single license for each domain name.
business

Why did Esports Entertainment (GMBL) stock rise 27% today?


Source: Gorodenkoff/Shutterstock.com

esports entertainment (NASDAQ:GMBL) shares rise on Wednesday without any recent news from the online betting company.

However, investors will note that GMBL stock is seeing significant trading volume this morning. As of this writing, more than 13 million shares of the company have changed hands. That’s already more than its average daily volume of around 11 million shares.

On top of that, this is the second day in a row that GMBL stock has rallied alongside heavy trading. It also climbed 88.1% on Tuesday as around 300 million shares were traded.

For the record, GMBL is firmly in penny stock territory. It trades in the 10 cent range and has a market capitalization of $12.322. Both of these mean that it is susceptible to volatility, especially during pre-market trading hours.

What is esports entertainment?

Esports Entertainment is an online betting company that focuses on games, iGaming and technology. The company has teamed up with various partners, such as Indian Gaming Esports Association. This gives it access to much of the North American casino industry.

Esports Entertainment was founded in 2008 and is headquartered in the island nation of Malta. Latest reports indicate that the company has only four employees in total.

GMBL stock is up 26.6% in premarket trading on Wednesday.

Investors can stick around for more on the latest stock market news today!

We have all the information on the hottest stocks traders need to know on Wednesday! Among this is what has InPixon (NASDAQ:INPX) the rise in stocks, the biggest stock moves before market this morning, and more. You can read all this news on the links below!

More Wednesday stock market news

As of the date of publication, William White had no position (directly or indirectly) in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com Publication guidelines.

With rare exceptions, InvestorPlace does not publish reviews of companies with a market cap of less than $100 million or trading fewer than 100,000 shares per day. This is because these “penny stocks” are often the playground of scammers and market manipulators. If we ever post comments on a low-volume title that may be affected by our comments, we require thatInvestorPlace.comThe authors of disclose this fact and warn readers of the risks.

Read more:Penny Stocks— How to make profit without getting scammed

InvestorPlace

Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor.
Back to top button