Golden Matrix Group (NASDAQ:GMGI) Shares Down 4% - Here's Why

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

Golden Matrix Group Price Performance

The company has a debt-to-equity ratio of 0.12, a current ratio of 0.74 and a quick ratio of 0.66. The stock has a market capitalization of $220.36 million, a price-to-earnings ratio of -31.80 and a beta of 0.35. The stock's 50 day simple moving average is $1.70 and its 200-day simple moving average is $1.89.

Insiders Place Their Bets

In related news, CEO Anthony Brian Goodman sold 50,000 shares of the business's stock in a transaction on Monday, July 21st. The shares were sold at an average price of $1.63, for a total transaction of $81,500.00. Following the transaction, the chief executive officer owned 8,704,079 shares of the company's stock, valued at approximately $14,187,648.77. The trade was a 0.57% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Aleksandar Milovanovic bought 100,000 shares of the company's stock in a transaction that occurred on Tuesday, May 6th. The shares were bought at an average cost of $1.94 per share, for a total transaction of $194,000.00. Following the transaction, the insider directly owned 84,708,663 shares of the company's stock, valued at $164,334,806.22. This trade represents a 0.12% increase in their position. The disclosure for this purchase can be found here. Insiders sold 210,000 shares of company stock valued at $359,300 over the last 90 days. 23.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Golden Matrix Group

Several institutional investors and hedge funds have recently bought and sold shares of the business. Geode Capital Management LLC grew its holdings in shares of Golden Matrix Group by 14.4% in the 4th 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. Squarepoint Ops LLC bought a new stake in Golden Matrix Group during the 4th quarter worth about $84,000. JPMorgan Chase & Co. grew its holdings in Golden Matrix Group by 460.5% during the 4th quarter. JPMorgan Chase & Co. now owns 50,819 shares of the company's stock worth $101,000 after acquiring an additional 41,752 shares during the last quarter. Nuveen LLC bought a new stake in Golden Matrix Group during the 1st quarter worth about $52,000. Finally, Northern Trust Corp grew its holdings in Golden Matrix Group by 6.7% during the 4th quarter. Northern Trust Corp now owns 169,308 shares of the company's stock worth $335,000 after acquiring an additional 10,690 shares during the last quarter. 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.