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.
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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.
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