Enthusiast Gaming Holdings (NASDAQ:EGLX) Stock Soars 30% In a Month: Here is Why
Gaming stocks have performed strongly over the course of the past 18 months or so, primarily due to the coronavirus pandemic and associated lockdowns.
Market Stats
On Tuesday, EGLX stock moved up 2.30% at $4.06 with more than 1.36 million shares, compared to its average volume of 838K shares. The stock has moved within a range of $3.7463 – 4.2200 after opening trading at $3.90.
Key Trigger
However, the demand for many gaming stocks remains strong in a post-pandemic world and one of the companies that could be worth tracking at this point is Enthusiast Gaming Holdings (NASDAQ:EGLX). The Enthusiast Gaming stock has been in the middle of a strong rally in recent days and over the course of the past week it has rallied by 14%. In the past month, the stock has managed to deliver gains of as much as 30%.
The company has managed to grow into a major media and content platform for those who are involved in esports and video games. In the third quarter, Enthusiast Gaming recorded revenues of as much as $43.3 million and that reflected year on year growth of as much as 165%.
The bulk of the revenues that were generated by the company came from the advertising space that it sells spread across a total of in excess of 100 websites. In light of the significant gains made by the stock and the growth recorded by the company, it might be the right time to add Enthusiast Gaming to your watch lists.
Traders Corner
EGLX stock is trading above the 20-Day and 50-Day Moving averages of $3.63 and $3.52 respectively. However, the stock is trading below the 20-Day moving average of $5.44. The stock is up 23% in the past month.
