Golden Matrix Group (NASDAQ:GMGI) Shares Down 4% - Time to Sell?

Shares of Golden Matrix Group, Inc. (NASDAQ:GMGI - Get Free Report) fell 4% during trading on Friday . The company traded as low as $1.65 and last traded at $1.66. 172,348 shares traded hands during mid-day trading, an increase of 24% from the average session volume of 138,499 shares. The stock had previously closed at $1.73.

Golden Matrix Group Stock Down 4.0%

The firm has a fifty day simple moving average of $1.70 and a 200-day simple moving average of $1.90. The firm has a market cap of $230.06 million, a price-to-earnings ratio of -33.20 and a beta of 0.35. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.66 and a current ratio of 0.74.

Insiders Place Their Bets

In other news, CEO Anthony Brian Goodman sold 50,000 shares of Golden Matrix Group stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of $1.74, for a total value of $87,000.00. Following the sale, the chief executive officer directly owned 8,754,079 shares in the company, valued at approximately $15,232,097.46. This trade represents a 0.57% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Aleksandar Milovanovic acquired 100,000 shares of the business's stock in a transaction dated Tuesday, May 6th. The stock was acquired at an average price of $1.94 per share, for a total transaction of $194,000.00. Following the completion of the transaction, the insider owned 84,708,663 shares in the company, valued at approximately $164,334,806.22. The trade was a 0.12% increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 160,000 shares of company stock worth $277,800 in the last ninety days. Insiders own 23.20% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in GMGI. Squarepoint Ops LLC purchased a new position in Golden Matrix Group during the fourth quarter valued at $84,000. Geode Capital Management LLC raised its stake in shares of Golden Matrix Group by 14.4% in the fourth quarter. Geode Capital Management LLC now owns 623,498 shares of the company's stock worth $1,235,000 after purchasing an additional 78,427 shares during the last quarter. Northern Trust Corp raised its stake in shares of Golden Matrix Group by 6.7% in the fourth quarter. Northern Trust Corp now owns 169,308 shares of the company's stock worth $335,000 after purchasing an additional 10,690 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Golden Matrix Group by 460.5% in the fourth quarter. JPMorgan Chase & Co. now owns 50,819 shares of the company's stock worth $101,000 after purchasing an additional 41,752 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of Golden Matrix Group by 24.7% in the fourth quarter. Bank of New York Mellon Corp now owns 40,632 shares of the company's stock worth $80,000 after purchasing an additional 8,061 shares during the last quarter. Hedge funds and other institutional investors own 2.74% of the company's stock.

About Golden Matrix Group

Golden Matrix Group, Inc provides enterprise software-as-a-service solutions for online casino and sports betting operators. The company develops and owns online gaming intellectual property; and builds gaming platforms for customers located primarily in the Asia Pacific region. Its platform facilitates gaming customers in operating online casinos, sportsbooks, lottery, and live games; and provides customers with access to a portfolio of licensed gaming content, which are provided by gaming content providers.