Enthusiast Gaming Holdings Inc. (NASDAQ:EGLX) Short Interest Up 13.3% in August

Enthusiast Gaming Holdings Inc. (NASDAQ: EGLX – Get a rating) was the target of strong short-term interest growth in August. As of August 31, there were short interests totaling 2,040,000 shares, a growth of 13.3% from the total of 1,800,000 shares as of August 15. Currently, 1.8% of the stock’s shares are sold short. Based on an average trading volume of 269,700 shares, the day-to-cover ratio is currently 7.6 days.

Institutional trading of gaming enthusiasts

A number of institutional investors and hedge funds have recently changed their positions in EGLX. Advisor Group Holdings Inc. increased its holdings of Enthusiast Gaming shares by 48.6% during the 4th quarter. Advisor Group Holdings Inc. now owns 20,780 shares of the company worth $61,000 after purchasing an additional 6,800 shares in the last quarter. TD Asset Management Inc. increased its stake in shares of Enthusiast Gaming by 26.6% in the fourth quarter. TD Asset Management Inc. now owns 110,615 shares of the company valued at $326,000 after purchasing an additional 23,245 shares during the period. Bank of Montreal Can increased its stake in shares of Enthusiast Gaming by 25.5% during the fourth quarter. Bank of Montreal Can now owns 348,478 shares of the company valued at $1,075,000 after acquiring an additional 70,806 shares during the period. ETF Managers Group LLC increased its stake in Enthusiast Gaming shares by 31.0% during the fourth quarter. ETF Managers Group LLC now owns 97,713 shares of the company valued at $299,000 after acquiring an additional 23,100 shares during the period. Finally, Platform Technology Partners purchased a new stake in Enthusiast Gaming during the first quarter worth approximately $28,000. 12.73% of the shares are currently held by institutional investors and hedge funds.

Analyst upgrades and downgrades

Several equity research analysts have recently commented on EGLX shares. HC Wainwright cut its price target on Enthusiast Gaming from $8.00 to $6.00 and set a “buy” rating on the stock in a Tuesday, August 16 research note. B. Riley reduced his price target on Enthusiast Gaming from CA$11.50 to CA$7.25 in a Tuesday, July 19 research note.

Price performance for gaming enthusiasts

EGLX was down $0.02 in Friday trading, hitting $1.21. The company’s stock had a trading volume of 100,240 shares, compared to an average volume of 398,101. The company’s 50-day moving average price is $1.60 and its 200-day moving average price is $2.04. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt ratio of 0.03. Enthusiast Gaming has a twelve month minimum of $1.11 and a twelve month maximum of $4.74.

Gaming Enthusiast (NASDAQ: EGLX – Get a rating) last released its quarterly results on Monday, August 15. The company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.01. The company posted revenue of $40.06 million in the quarter, versus a consensus estimate of $38.82 million. Enthusiast Gaming posted a negative return on equity of 19.24% and a negative net margin of 26.78%. As a group, equity research analysts expect Enthusiast Gaming to post -0.25 earnings per share for the current year.

Gaming Enthusiast Company Profile

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Enthusiast Gaming Holdings Inc engages in media, content, entertainment and esports businesses in the United States, Canada and internationally. The Company operates an online network of approximately 100 gaming-related websites; owns and operates Enthusiast Gaming Live Expo, a video game exhibition; provides management and support services to players involved in professional gaming; owns and manages esports teams for various games including Call of Duty, Madden NFL, Fortnite, Overwatch, Super Smash Bros., Rocket League and Valorant; and produces and schedules around 30 shows weekly on AVOD and OTT channels, and represents around 500 gaming influencers on YouTube and Twitch.

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