Shares of Esports Entertainment Group, Inc. (NASDAQ: GMBL) skyrocketed 18.09% on Thursday’s trading session. Citron Research has suggested GameStop Corp. (NYSE: GME) acquire Esports Entertainment Group. After the suggestion of Citron Research, the share of Esports Entertainment Group skyrocketed.
Citron Research recommended that through the acquisition of GMBL, GME will be able to offer two things to the customers such as Gambling and Video games. In a research note, Citron stated: “What we learn from the past 4 months in GME are 2 easy takeaways: People love video games and people love to gamble.”
Shares of Esports Entertainment (NASDAQ: GMBL) up 18.09% in the trading session of Thursday. The trading volume stood at 12.66 million shares, compared with the average volume of 1.04 million. On the other hand, shares of GameStop Corp. (NYSE: GME) rose 61.64% as it gained +57.81 at the time of writing on Thursday. The market value of Esports Entertainment reached 292.53 million while the market capitalization of GameStop Corp. $6.41 billion at the time of writing.
Furthermore, Citron maintained a $50 price target on Esports Entertainment’s stock. Citron also suggested that GameStop should utilize its client base to become the software and betting platform for their gaming enthusiast to participate in and bet on eSports.
Citron also suggested that “There is one way for GME to flawlessly both turn away from its deteriorating retail business and make money from its customer database, and the only way is to achieve all this is to buy Esports Entertainment Group (GMBL).