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Why Is EBET (EBET) Stock Up 25% Today?

  • EBET (EBET) stock is climbing higher with heavy trading volume on Monday.
  • This follows a stock conversion on Friday.
  • Today’s trading also comes after the Super Bowl took place on Sunday.
EBET Stock. A person wearing a suit and tie holds a handful of dollar bills in the middle of a brightly lit sports stadium; representative of sports betting

Source: sutadimages / Shutterstock

EBET (NASDAQ:EBET) stock is taking off on Monday morning following insider buying and heavy trading volume today.

The latest news on EBET stock comes from a U.S. Securities and Exchange Commission (SEC) filing on Friday. In that filing, the company reported Director Christopher Downs increasing his stake in the company.

This saw Downs acquiring 6,300 shares of EBET stock. There’s no purchase price for these shares as the director converted restricted stock units to obtain these shares. While the filing is from Friday, the conversion took place on Thursday.

Following this news, investors are seeing heavy trading of EBET stock today. As of this writing, more than 5 million shares have changed hands. That’s a major jump from the daily average trading volume of about 2.2 million shares.

What Else Is Moving EBET Stock

Investors will also keep in mind that EBET’s main business is gambling. The company offers betting at casinos, as well as sports wagering. That’s worth noting as we just came out of Super Bowl weekend. It’s likely Super Bowl LVII taking place on Sunday increased interest in the sports betting company, which would help explain the increase in trading volume this morning.

EBET stock is up 24.5% as of Monday morning.

Investors looking for more of the latest stock market news will want to keep reading!

InvestorPlace is home to all of the hottest stock market coverage traders need to know about on Monday! That includes the biggest pre-market stock movers this morning as well as what’s happening with sports betting and Lyft (NASDAQ:LYFT) stock. All that news is ready to go at the links below!

More Monday Stock Market News

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Read More:Penny Stocks — How to Profit Without Getting Scammed

On the date of publication, William White did not hold (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 Publishing Guidelines.

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