GAN (NYSE:GAN) Raised to Hold at Zacks Investment Research

GAN (NYSE:GAN) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Monday, Zacks.com reports.

According to Zacks, “GAN Limited is a business-to-business supplier of internet gambling software-as-a-service solutions predominantly to the U.S.land-based casino industry. It developed a proprietary internet gambling enterprise software system, GameSTACK(TM), which it licenses to land-based casino operators as a turnkey technology solution for regulated real-money internet gambling, encompassing internet gaming, internet sports gaming and virtual Simulated Gaming. GAN Limited is based in London, United Kingdom. “

GAN has been the topic of several other reports. Craig Hallum lifted their price objective on GAN from $25.00 to $28.00 and gave the company a “buy” rating in a research note on Thursday, June 18th. Northland Securities assumed coverage on GAN in a research note on Friday, July 17th. They set an “outperform” rating and a $30.00 price objective for the company. Macquarie assumed coverage on GAN in a research note on Thursday, June 4th. They set an “outperform” rating and a $24.00 price objective for the company. Finally, B. Riley lifted their price objective on GAN from $24.00 to $28.50 and gave the company a “buy” rating in a research note on Thursday, June 18th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $26.50.

GAN traded down $0.73 on Monday, hitting $16.57. 856,355 shares of the company were exchanged, compared to its average volume of 1,821,027. The stock’s fifty day moving average price is $20.16. GAN has a 12 month low of $10.60 and a 12 month high of $28.95.

GAN (NYSE:GAN) last issued its quarterly earnings data on Thursday, August 20th. The company reported ($0.33) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.02) by ($0.31). The firm had revenue of $8.30 million during the quarter, compared to analysts’ expectations of $6.30 million. The business’s revenue for the quarter was up 97.6% compared to the same quarter last year.

Large investors have recently added to or reduced their stakes in the business. Rockefeller Capital Management L.P. bought a new stake in GAN during the second quarter valued at about $25,000. Bedel Financial Consulting Inc. bought a new stake in GAN during the second quarter valued at about $41,000. Laidlaw Wealth Management LLC bought a new position in shares of GAN in the second quarter worth about $45,000. Strs Ohio bought a new position in shares of GAN in the second quarter worth about $48,000. Finally, Captrust Financial Advisors bought a new position in shares of GAN in the second quarter worth about $68,000.

About GAN

GAN Limited provides enterprise Software-as-a-Service solutions for online casino gaming and online sports betting applications. It offers a proprietary internet gambling enterprise software system, GameSTACK, which it licenses principally to the land-based U.S. casino operators as a turnkey technology solution for regulated real-money internet gambling, encompassing internet gaming, internet sports gaming, and virtual simulated gaming.

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