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Why Did Esports Entertainment Group Trade 55% Higher Today?

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Why Did Esports Entertainment Group Trade 55% Higher Today?

Shares of Esports Entertainment Group (NASDAQ: GMBL) traded sharply higher in Monday's session. There was no company-specific news to justify the price action, although sports betting and online gambling plays have become increasingly popular amongst investors.

"I would say we are finally trading at levels that are comparable to multiples in our industry whereas we have previously been the lowest multiple in the sector," Esports Entertainment CEO Grant Johnson told Benzinga.

The CEO said the majority of activity could be coming from the rise in multiple social channels like Robinhood or Reddit: "So far we haven’t seen anything," he said.

Esports Entertainment's stock closed up 55% to $11.98.

You can also watch Benzinga's Jan. 25 interview with Johnson in the video below:

 

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