Global iGaming technology and content supplying firm Bragg Gaming Group (NASDAQ:BRAG) came into considerable focus among investors last week and its stock had emerged as one of the major gainers. Investors piled on to the stock in a big way last week and sent the stock soaring by as much as 39% for the week.
On Friday, BRAG stock fell 6.32% to $7.26 with 61k shares, compared to its average volume of 56K shares. The stock moved within a range of $7.14 – 7.87 after opening trade at $7.87.
The rally in the stock was possibly triggered by the announcement from the company on February 8 with regards to the fact that it foresees its business to generate growth over many years thanks to the success of the new marketing strategy, platform expansion and iGaming content.
The company added that its full year revenues for 2021 had actually exceeded its expectations and on that note, Global iGaming also raised its projections for 2022. Those are considerably bullish development and hence, the rally in the stock was perhaps not a surprise.
At this point in time, it might be a good idea for investors to perhaps consider adding the stock to their watch lists and keep an eye on the developments in the coming weeks. It remains to be seen if the stock adds to its gains today.
BRAG stock is trading above the 20-Day and 50-Day Moving averages of $5.81 and $5.34 respectively. However, the stock is trading below the 200-Day moving average of $8.97.