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Insiders Active in Leading Supplier of Gaming, Casino Systems

by | Aug 21, 2021

Gan Limited (GAN) with a rare open market buy this week from CEO Dermot Smurfit of 18,100 shares at $13.85, a more than $250,000 investment. GAN is back at key support from late 2020 around $14-$15 after trading up to around $30 in February. The $685M company trades 330X earnings, 12.4X sales, and 13X cash. GAN is a UK-based supplier of internet gambling SaaS solutions to online casino gaming and online sports betting applications. They license iBRIDGE, iSIGHT, and GameSTACK, an online gambling software platform as a turnkey technology solution for regulated real-money internet gambling. They also have a massive analytics platform which allows companies access to actionable intelligence around sports betting, casino, and deposits data. GAN is well positioned to capitalize on the explosive growth in sports betting in the US as more states move towards new rules. The company made a deal in January for Coolbet – an online sportsbook. Analysts have an average target for shares of $26.50 and a Street High $35. Jefferies with a Buy and $21 PT on 8/10 citing the quality of its core PAM capabilities within the digital gaming value chain and on its expanding breadth of economic opportunities brought by the addition of Coolbet. B Riley starting at Buy in May as they believe GAN’s online sports betting market share is poised to augment significantly through its new, proprietary sports betting platform/software. Short interest is 8.25%. Hedge fund ownership rose 6% last quarter. Zimmer Partners a buyer of 625K shares and now with 1.725M. Titan Global, Omni Partners, and Intrinsic Edge all buyers of stock as well.

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