The eSports business has grown at a remarkable rate over the course of the past few years and more and more investors are now waking up to the opportunity as we speak. There are a number of listed companies which are now engaged in the eSports space and hence, the options are quite varied. One of the companies that could be tracked by investors at this point in time is GGTOOR Inc (OTCMKTS:GTOR).
Trading Data
On Wednesday, GTOR stock moved down 5.02% to $0.0265 with more than 961K shares, compared to volume of 4.59 million shares. The stock moved within a range of $0.0247 – 0.0279 after opening trade at $0.0279.
About The Company
While it has already made a name in eSports, it has also made an aggressive move into the metaverse, which could well prove to be the next major frontier for eSports. For instance, the company has already purchased as many as 4144 parcels of virtual land, which are going to be used to build GGTOORCITY, a virtual city.
On the other hand, its prowess as an eSports company remains enviable as well. GGTOOR has managed to host in excess of 220 video game tournaments so far and has given away prizes and cash to the tune of more than $100,000 already. In addition to that, the company is committed to improving its website GGToor.com on a regular basis in order to turn it into the most comprehensive gaming platform in the globe.
While the company may be doing exemplary work it should be noted that the GGTOOR stock suffered on Wednesday and went down by as much as 5% amidst a fairly strong selloff. In this context, it may be a good idea to take a look at the development that may have led to it.
GGTOOR Inks $1.8 Million Virtual Land Deal in GGTOORCITY
On Wednesday, the company provided the management report for the week that had ended on July 23, 2022, and it may be a good move to take a look at some of the highlights from the report. GGTOOR announced that during the week under consideration it had purchased no new virtual property other than the acquisition that had been announced back on July 19, 2022. However, it was noted that several deals could be in the works and announcements are going to be made once those deals are actually closed. However, that was not all. GGTOOR also announced that during that particular week it had also restarted the full schedule of its tournaments.
During the course of the Metaverse Expo that had been held from the 8th of July to the 10th of July, GGTOOR hosted on the tournament and it had been co-sponsored by the organization TCG World. The tournament had been held at the expo. As GGTOOR continues to provide new events around eSports, it has continued to work on the establishment of new games.
To that end, GGTOOR has provided support to new games as well as new communities. During that week, the company had also hosted another key event known as the Clash of Clans and that had also managed to attract a sizeable 400 participants. At this point in time, it may be a good idea for investors to add the GGTOOR stock to their watch lists.
Technical Data
GTOR stock is trading below the 20-Day and 50-Day Moving averages of $0.0309 and $0.0342 respectively. However, the stock is trading below the 200-Day moving average of $0.0263. The company has a total market capitalization of $26K. The stock is down 3% over the past 6-month.
