Why Is Esports Entertainment (GMBL) Stock Up 27% Today?

  • Esports Entertainment (GMBL) stock is climbing with heavy pre-market trading on Wednesday.
  • That’s without any recent news concerning the online betting company.
  • This follows a similar rally yesterday.
GMBL Stock - Why Is Esports Entertainment (GMBL) Stock Up 27% Today?

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Esports Entertainment (NASDAQ:GMBL) stock is rising higher on Wednesday without any recent news from the online betting company.

However, investors will note that GMBL stock is seeing heavy trading volume this morning. As of this writing, more than 13 million shares of the company’s stock have changed hands. That’s already over its daily average trading volume of about 11 million shares.

Adding to that, this is the second day in a row that GMBL stock has rallied alongside heavy trading. It also rocketed 88.1% higher on Tuesday as about 300 million shares of the stock were traded.

For the record, GMBL is firmly in the penny stock territory. It trades in the 10-cent range and has a market capitalization of $12.322 million. These both mean it’s susceptible to volatility, especially during pre-market trading hours.

What Is Esports Entertainment?

Esports Entertainment is an online betting company that focuses on games, iGaming, and technology. The company has teamed up with various partners, such as the Indian Gaming Esports Association. That gives it access to a large part of the North American casino industry.

Esports Entertainment was founded in 2008 and is headquartered on the island nation of Malta. The latest reports pin the company as only having four employees in total.

GMBL stock is up 26.6% in pre-market trading on Wednesday.

Investors can stick around for more of the latest stock market news today!

We’ve got all of the hottest stock coverage traders need to know about on Wednesday! Among that is what has Inpixon (NASDAQ:INPX) stock rising, the biggest pre-market stock movers this morning, and more. You can read up on all of that news at the links below!

More Wednesday Stock Market News

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On the date of publication, William White 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.

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