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  • GAN (NASDAQ:GAN) Stock Price Down 7.8%

    GAN (NASDAQ:GAN) Stock Price Down 7.8%

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    GAN Limited (NASDAQ:GAN – Get Free Report) shares traded down 7.8% on Wednesday . The stock traded as low as $1.20 and last traded at $1.30. 1,474,365 shares changed hands during trading, an increase of 538% from the average session volume of 231,204 shares. The stock had previously closed at $1.41.

    GAN Price Performance

    The company has a quick ratio of 1.72, a current ratio of 1.72 and a debt-to-equity ratio of 20.32. The stock has a market cap of $58.11 million, a P/E ratio of -0.32 and a beta of 2.03. The business’s 50-day simple moving average is $1.52 and its two-hundred day simple moving average is $1.40.

    Institutional Investors Weigh In On GAN

    Institutional investors and hedge funds have recently modified their holdings of the company. Swiss National Bank raised its stake in GAN by 7.5% in the first quarter. Swiss National Bank now owns 79,900 shares of the company’s stock valued at $385,000 after purchasing an additional 5,600 shares in the last quarter. JPMorgan Chase & Co. raised its stake in GAN by 73.8% in the first quarter. JPMorgan Chase & Co. now owns 48,453 shares of the company’s stock valued at $234,000 after purchasing an additional 20,567 shares in the last quarter. Vanguard Group Inc. raised its stake in GAN by 1.3% in the first quarter. Vanguard Group Inc. now owns 779,163 shares of the company’s stock valued at $3,756,000 after purchasing an additional 10,240 shares in the last quarter. Gamco Investors INC. ET AL raised its stake in GAN by 6.3% in the first quarter. Gamco Investors INC. ET AL now owns 398,810 shares of the company’s stock valued at $1,922,000 after purchasing an additional 23,610 shares in the last quarter. Finally, Gabelli Funds LLC raised its stake in GAN by 8.5% in the first quarter. Gabelli Funds LLC now owns 95,700 shares of the company’s stock valued at $461,000 after purchasing an additional 7,500 shares in the last quarter. 13.42% of the stock is owned by hedge funds and other institutional investors.

    GAN Company Profile

    (Get Free Report)

    GAN Limited operates as a business-to-business (B2B) supplier of enterprise software-as-a-service solutions to online casino gaming and sports betting applications in the United States, Europe, Latin America, and internationally. The company operates in two segments, B2B and Business-to-Consumer (B2C).

    Further Reading

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    ABMN Staff

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  • GAN Obtains Regulatory Approval from Nevada Gaming Commission

    GAN Obtains Regulatory Approval from Nevada Gaming Commission

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    The leading international business-to-customer sports betting operator and North American business-to-business provider of real money internet gaming solutions, GAN, announced it achieved a major milestone in Nevada. The company revealed Friday that it secured regulatory approval from the Nevada Gaming Commission, the state governmental agency in charge of regulating gambling activities together with the Nevada Gaming Control Board.

    The latest achievement represents a milestone moment for GAN as it enables the company to start a field trial for its GAN Sports betting platform. As a result, the company can conduct trials of its betting platform for customers in Nevada.

    Still, to launch its innovative technology in the state, the company requires an additional certification. According to a statement released by GAN, its sports betting platform GAN Sports is prepared with the necessary infrastructure required for its deployment into the regulated gambling market in Nevada. This infrastructure encompasses retail sports betting, as well as mobile applications, the company revealed.

    The latest announcement comes after GAN secured a conditional Nevada license earlier this month. The aforementioned license enabled the company to replace the sports betting platform for Red Rock Resorts’ sportsbooks located in Southern Nevada.

    The Company Looks Forward to Launching GAN Sports

    Seamus McGill, GAN’s chairman and interim CEO, shared his excitement about the latest regulatory approval from the Nevada Gaming Commission. He said that the company is thrilled about this achievement. Moreover, McGill pointed out that GAN anticipates introducing GAN Sports, its innovative sports product, to customers in Nevada soon.

    The company’s chairman and interim CEO added: “The Las Vegas Locals market is one of the largest and most recognizable gaming markets in the world, and we are incredibly excited to be entering it.” Finally, McGill explained that Nevada marks the third US state where GAN Sports will launch and predicted that the solution would bring unrivaled experiences to the market.

    “We are very pleased and humbled to have received regulatory approval from the State of Nevada to hold a gaming license. We are excited that we will be launching our leading-edge GAN Sports product in Nevada in the next few months.“

    Seamus McGill, chairman and interim CEO of GAN

    Late last month, McGill was appointed to the role of interim CEO. At the time, GAN confirmed that it accepted the resignation of its then-CEO, Dermot Smurfit. With Smurfit stepping down from his role, McGill filled in the interim CEO position. It is likely that GAN has already initiated a search for a permanent CEO to fill the role.

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    Velimir Velichkov

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