Gambling.com Group (NASDAQ:GAMB) Shares Gap Up Following Better-Than-Expected Earnings

Shares of Gambling.com Group Limited (NASDAQ:GAMB - Get Free Report) gapped up prior to trading on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $12.48, but opened at $13.01. Gambling.com Group shares last traded at $13.68, with a volume of 245,388 shares trading hands.

The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.25 by $0.10. The business had revenue of $35.30 million during the quarter, compared to analysts' expectations of $35.20 million. Gambling.com Group had a net margin of 23.40% and a return on equity of 25.06%. Gambling.com Group's quarterly revenue was up 8.6% on a year-over-year basis.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. Craig Hallum upped their price target on shares of Gambling.com Group from $16.00 to $18.00 and gave the stock a "buy" rating in a research note on Friday, December 13th. Benchmark reaffirmed a "buy" rating and issued a $18.00 target price on shares of Gambling.com Group in a research report on Thursday, February 20th. Cantor Fitzgerald initiated coverage on Gambling.com Group in a report on Wednesday, March 5th. They set an "overweight" rating and a $20.00 price target for the company. Jefferies Financial Group increased their price objective on Gambling.com Group from $20.00 to $21.00 and gave the stock a "buy" rating in a report on Wednesday, January 15th. Finally, BTIG Research lifted their target price on shares of Gambling.com Group from $13.00 to $19.00 and gave the company a "buy" rating in a research note on Friday, December 13th. Nine research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $17.56.

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Institutional Investors Weigh In On Gambling.com Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Barclays PLC raised its position in shares of Gambling.com Group by 94.0% in the third quarter. Barclays PLC now owns 38,494 shares of the company's stock valued at $385,000 after purchasing an additional 18,656 shares during the period. Los Angeles Capital Management LLC acquired a new position in Gambling.com Group in the 4th quarter valued at $2,280,000. Gagnon Securities LLC bought a new position in Gambling.com Group in the 4th quarter worth $317,000. M&T Bank Corp bought a new position in Gambling.com Group in the 4th quarter worth $195,000. Finally, IFP Advisors Inc acquired a new position in Gambling.com Group during the 4th quarter worth $49,000. 72.26% of the stock is currently owned by institutional investors and hedge funds.

Gambling.com Group Price Performance

The company has a market capitalization of $518.14 million, a P/E ratio of 17.85 and a beta of 0.99. The stock's fifty day simple moving average is $14.21 and its 200-day simple moving average is $12.60. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.03 and a quick ratio of 1.03.

About Gambling.com Group

Gambling.com Group Limited operates as a performance marketing company for the online gambling industry worldwide. It provides digital marketing services for the iGaming and social casino products. The company's focus is on online casino, online sports betting, and fantasy sports industry. It publishes various branded websites, including Gambling.com, Casinos.com, RotoWire.com, and Bookies.com.