Golden Matrix Group (NASDAQ:GMGI) Earns Buy Rating from Analysts at Maxim Group

Maxim Group started coverage on shares of Golden Matrix Group (NASDAQ:GMGI - Free Report) in a research note published on Friday, MarketBeat reports. The brokerage issued a buy rating and a $4.00 price target on the stock.

Golden Matrix Group Price Performance

Golden Matrix Group stock traded up $0.01 during mid-day trading on Friday, reaching $2.16. 20,949 shares of the company were exchanged, compared to its average volume of 204,731. The company has a quick ratio of 0.75, a current ratio of 0.82 and a debt-to-equity ratio of 0.18. The business has a fifty day moving average of $1.99 and a 200 day moving average of $2.25. Golden Matrix Group has a 12-month low of $1.70 and a 12-month high of $6.27.

Insider Buying and Selling at Golden Matrix Group

In other news, insider Aleksandar Milovanovic bought 100,000 shares of the stock in a transaction on Tuesday, February 18th. The stock was bought at an average cost of $1.86 per share, for a total transaction of $186,000.00. Following the completion of the purchase, the insider now directly owns 78,514,616 shares in the company, valued at approximately $146,037,185.76. The trade was a 0.13 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have purchased 270,000 shares of company stock worth $498,000 over the last quarter. Insiders own 23.20% of the company's stock.

Institutional Trading of Golden Matrix Group

A number of institutional investors have recently made changes to their positions in GMGI. Geode Capital Management LLC increased its position 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 valued at $1,235,000 after buying an additional 78,427 shares in the last quarter. Northern Trust Corp increased its holdings in shares of Golden Matrix Group by 6.7% during the fourth 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. Rhumbline Advisers raised its position in shares of Golden Matrix Group by 390.5% in the 4th quarter. Rhumbline Advisers now owns 106,449 shares of the company's stock valued at $211,000 after purchasing an additional 84,749 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Golden Matrix Group by 460.5% in the 4th quarter. JPMorgan Chase & Co. now owns 50,819 shares of the company's stock valued at $101,000 after purchasing an additional 41,752 shares during the last quarter. Finally, Squarepoint Ops LLC acquired a new stake in Golden Matrix Group in the 4th quarter worth approximately $84,000. Institutional investors and hedge funds own 2.74% of the company's stock.

Golden Matrix Group Company Profile

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.