This post was originally published on this site
Investing.com — Esports Entertainment Group Inc (NASDAQ:GMBL) stock has rallied over 27% in reaction to Roth Capital initiating the stock with a Buy rating on Tuesday.
After closing Monday’s session at $5.87, the company’s shares rocketed to a high of $8.10 before losing some momentum and falling to around the $7.50 level.
Roth Capital analyst Edward Engel set a $22 price target for the stock, stating that Esports Entertainment (EEG) offers exposure to two of the most attractive segments in gaming — online gaming and esports.
The analyst believes the company will be able to build a strong presence in global online gaming “where EEG’s direct interaction with millions of Esports fans offers an underappreciated customer acquisition opportunity.”
