Over the past couple weeks, anything metaverse-related has taken off. The moves we’ve seen in companies such as Roblox (NASDAQ:RBLX) reflect this sentiment well. However, for investors in Enthusiast Gaming (NASDQ:EGLX) and EGLX stock, there’s — finally — reason to be excited.
I say “finally” because EGLX stock has been on a rather nasty downward trend. Since hitting its high in April, shares of EGLX stock have lost approximately half their value. That includes today’s rally.
However, renewed interest in the metaverse alongside impressive recent numbers reported by Enthusiast Gaming appear to have caught investors’ attention. Today, EGLX stock appreciated more than 20% as of mid-day.
A media and content platform for e-sports and video game fans to engage, Enthusiast has seen investor interest surge through the pandemic. Concerns that this growth may slow appear to have hampered this stock in the past. However, investors are jumping on some rather bullish data today to get back on this train.
Let’s dive into what investors are watching with Enthusiast Gaming.
EGLX Stock Soars on Record Unique Visitor Traffic
For such collaborative, community-oriented platforms, unique visitor counts matter. The size of the community engaging on such platforms drives its value. And today, Enthusiast Gaming reported some record numbers that have investors intrigued.
The company reported 47.8 million unique visitors to its platform in October. This number ranks second to Twitch and actually came in ahead of Roblox. Being second in anything isn’t as great as topping the charts. However, being ahead of Roblox in terms of traffic is certainly an impressive achievement.
What’s notable about these numbers isn’t only the scale. That’s certainly something to consider all on its own. Rather, it’s the pace at which Enthusiast Gaming has worked its way up the ranks. The company has reportedly climbed the list of largest internet property companies to 86th place overall. In July, the company sat in 95th place.
Right now, there’s a lot to like about this company’s growth prospects. Accordingly, it appears this stock is one with momentum. However, headwinds remain, and investors may want to take a prudent approach to averaging into such a position right now given how fast this stock has moved today.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.