iGaming Stocks Watch Issue 6 (1-15 March) looks at the ongoing market performance of gambling stock for the beginning of March for investors (Image by Yiorgos Ntrahas at unsplash.com)
In our previous iGaming Stocks and Shares Watch, there was quite a lot of bad news, but for a lot of stocks, there were signs of hope. As they say in trading, ‘buy low’, so the dips that we have been seeing are just more opportunities to invest at a lower price, right? Has the market managed to bounce back from its setback? Or are there even bigger opportunities now? Here is what has happened over the past couple of weeks.
Scientific Games (SGMS) SGMS has seen bigger declines than it has grown since October 2021. The share price sits at 59.24 USD and currently looks to be on a short-term upward trend. However, in the long term, we are clearly on a downtrend. We will know more about it if it can beat off resistance at 66.14 USD, the price it was in the middle of February. This is a key price point for this stock. If it can get there, that is.
888 Holdings (888.L) Well, if you remember last time, 888 Holdings was going through a rapid decline in stock price. We noted that a 5.5% dividend yield would help to heal the wound a bit, but for some investors, that is not enough. Those investors will be disappointed even more this week, as the stock continued on its downward spiral as expected. The share price finished at 189.70 GBX (15th March), which is another big tumble from the 28th February price of 240.38 GBX that we previously reported. However, we cautiously are going to say that this stock might be showing signs of a fightback. This is because it went to as low as 181.70 GBX (10 March) and hasn’t been anywhere near it since. There was support at 184.10 GBX, and the stock price rose substantially from it. The next few trading days will be key here, but we have a suspicion that investors may soon have reason to feel pleased. With this extra dip, the dividend yield now sits at a very attractive 6.5% for those that invest now. Not bad at all.
Aristocrat (ALL) 37.27 AUD is where Aristocrat was at by the end of February. This stock is as steady as they come, and you will rarely get large movements. ALL is the definition of a growth stock, as many investors will have experienced. 20 years ago, you could have bought 100 shares of ALL for 600 AUD, and if you decided to sell on the 15th March, you would have been paid 3563 AUD. A very nice return indeed. So, with a share price of 35.63 AUD, you could say that it has been a little uneventful for this stock in the past 2 weeks.
Entain plc (ENT) new last reported that Entain was on quite a deceptive bull run, and there was possibly a strong correction due. Well, we were right, the stock price corrected to 1392.50 GBX by the 8th of March, down from 1684 on the 28th of February. That is almost a £3 difference, which might not sound much, but it is almost 20%. Not ideal. However, it was to be expected and is often considered as ‘healthy’. From a correction, you can expect a change in trend, and as much as the stock went down, it went back up again. 1564.50 GBX (15th March) is where the price is at, so we can say with some confidence that the stock is on an upward trend, very much like it did after the DraftKings bid. It is also being backed by the news of strong 2021 financial results.
LeoVegas (LEO) 35.54 SEK was the ending stock price for LEO on the 15th of March. Truthfully, this stock has been riding waves for the past 2 weeks. 31.12 SEK (4th March) was the low point for it, so an increase of more than 10% will surely be keeping happy those who have invested in it.
Evolution (EVO) EVO stock has been performing strangely in recent times, as it hasn’t behaved how you would have expected it to. We noted a key price point of 1177.00 SEK, which is still very much a factor, but there are a few other hurdles to jump first. The price of 1100 SEK at the end of February proved a little overvalued for the current time, and the stock tumbled to a low, 902 SEK (8th March). There is good news and plenty of reasons to feel positive, and the stock bounced off 950 twice, giving evidence of vigorous support, and the price sits at 965.60 SEK. We can see this stock going above 1100 SEK in the next few days, and hope that we are right for all of its investors out there.
Playtech (PTEC.L) We saw a PTEC.L price of a firm 664.40 GBX last time around, but it felt a little like the calm before the storm. The share price dipped to 563.50 GBX by the 7th of March. Since then, there have been a few areas of resistance to the stock; leaving us fearing the worst. 604 GBX is what you must pay for one share of Playtech as of the 15th of March. But we are seeing some strong downward movements right now. Hopefully, we are wrong.
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