Home Enthusiast Short-term stake in Enthusiast Gaming Holdings Inc. (NASDAQ:EGLX) drops 13.5%

Short-term stake in Enthusiast Gaming Holdings Inc. (NASDAQ:EGLX) drops 13.5%

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Enthusiast Gaming Holdings Inc. (NASDAQ:EGLX – Get Rating) was the beneficiary of a sharp drop in short-term interest in August. As of August 15, there was short interest totaling 1,800,000 shares, down 13.5% from the July 31 total of 2,080,000 shares. Based on an average daily volume of 267,900 shares, the short interest ratio is currently 6.7 days. Approximately 1.6% of the company’s shares are sold short.

Analysts set new price targets

A number of stock analysts have weighed in on the stock recently. HC Wainwright lowered its price target on Enthusiast Gaming shares from $8.00 to $6.00 and set a “buy” rating for the company in a Tuesday, August 16 research report. B. Riley lowered his price target on Enthusiast Gaming shares from C$11.50 to C$7.25 in a Tuesday, July 19 research report. Finally, Royal Bank of Canada raised its price target on Enthusiast Gaming shares from C$7.00 to C$8.00 in a Tuesday, May 17 research report.

Hedge funds weigh on gaming enthusiasts

Hedge funds and other institutional investors have recently increased or reduced their stakes in the company. The Swiss National Bank increased its position in Enthusiast Gaming by 9.0% in the 4th quarter. The Swiss National Bank now owns 209,500 shares of the company valued at $614,000 after purchasing an additional 17,300 shares during the period. TD Asset Management Inc. increased its holdings of Enthusiast Gaming shares 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 last quarter. Advisor Group Holdings Inc. increased its holdings of Enthusiast Gaming shares by 48.6% in Q4. Advisor Group Holdings Inc. now owns 20,780 shares of the company valued at $61,000 after buying an additional 6,800 shares in the last quarter. Difesa Capital Management LP acquired a new stake in the shares of Enthusiast Gaming in the 4th quarter at a value of $545,000. Finally, Powell Investment Advisors LLC acquired a new equity stake in Enthusiast Gaming in Q2 worth $32,000. Hedge funds and other institutional investors hold 12.73% of the company’s shares.

Passionate gaming stock down 1.5%

EGLX stock traded down $0.02 at midday Tuesday, hitting $1.32. The company’s shares had a trading volume of 350,283 shares, compared to an average volume of 432,189. The company has a quick ratio of 1.00, a current ratio of 1.00 and a leverage ratio of 0, 03. Enthusiast Gaming has a 52-week low of $1.27 and a 52-week high of $4.77. The company has a market capitalization of $198.33 million, a P/E ratio of -4.26 and a beta of -0.32. The company has a 50-day simple moving average of $1.81 and a 200-day simple moving average of $2.20.

About Gaming Enthusiasts

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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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