Allied Esports Entertainment (NASDAQ:AESE) Rating Increased to Buy at Zacks Investment Research

Allied Esports Entertainment (NASDAQ:AESE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday, Zacks.com reports. The firm presently has a $2.25 target price on the stock. Zacks Investment Research‘s price target points to a potential upside of 19.05% from the stock’s previous close.

According to Zacks, “Allied Esports Entertainment Inc. is a premier esports entertainment company. Allied Esports Entertainment Inc., formerly known as Black Ridge Acquisition Corp., is based in CA, United States. “

NASDAQ AESE traded down $0.17 on Thursday, hitting $1.89. The company’s stock had a trading volume of 1,681,300 shares, compared to its average volume of 2,393,008. Allied Esports Entertainment has a 52-week low of $0.96 and a 52-week high of $4.31. The company’s 50-day simple moving average is $1.86 and its 200 day simple moving average is $2.05.

Allied Esports Entertainment (NASDAQ:AESE) last released its quarterly earnings data on Sunday, November 21st. The company reported ($0.18) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.06). During the same period last year, the firm posted ($0.22) earnings per share. Sell-side analysts predict that Allied Esports Entertainment will post -0.52 earnings per share for the current year.

In related news, Director Adam J. Pliska sold 106,143 shares of Allied Esports Entertainment stock in a transaction on Thursday, November 4th. The stock was sold at an average price of $1.93, for a total transaction of $204,855.99. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Knighted Pastures Llc purchased 64,464 shares of the firm’s stock in a transaction on Monday, November 1st. The shares were acquired at an average cost of $1.83 per share, for a total transaction of $117,969.12. The disclosure for this purchase can be found here. 41.50% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently modified their holdings of the business. Bank of New York Mellon Corp bought a new stake in Allied Esports Entertainment during the first quarter worth approximately $58,000. Cowen Investment Management LLC bought a new stake in Allied Esports Entertainment during the second quarter worth approximately $178,000. HRT Financial LP bought a new stake in Allied Esports Entertainment during the first quarter worth approximately $43,000. State Street Corp bought a new stake in Allied Esports Entertainment during the second quarter worth approximately $268,000. Finally, Geode Capital Management LLC increased its stake in Allied Esports Entertainment by 22.8% during the second quarter. Geode Capital Management LLC now owns 161,952 shares of the company’s stock worth $372,000 after acquiring an additional 30,022 shares during the last quarter. 3.70% of the stock is currently owned by institutional investors.

Allied Esports Entertainment Company Profile

Allied Esports Entertainment, Inc is an esports entertainment company, which engages in the creation of esports venues and live events for both video games and poker. It operates through the following segments: Poker, gaming & entertainment and E-sports. The Poker, gaming & entertainment segment provides televised gaming and entertainment, land-based poker tournaments, online and mobile poker applications through World Poker Tour (WPT).

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