Recently, Enthusiast Gaming received a target price increase in a recent report from Paradigm Capital analyst Corey Hammill. The company’s price target is at C$12.33, which is up from the average beforehand, which was C$7.92.
“Our forecast is more conservative, staying at around $1.00 through 2023, leaving meaningful room for upside,” said Hammill. “Based on our estimates, EGLX’s two-year APRU CAGR is 72 per cent; our internet tracking basket average is 11 per cent.”
Enthusiast Gaming has been busy recently after the company announced a partnership with Tik Tok. As part of the agreement, TikTok will utilize Enthusiast’s platform of video game and esports communities to drive adoption and integration between TikTok and the gaming industry.
The company also released its fourth-quarter earnings report in mid-March. Enthusiast gaming reported that quarterly revenue was up to $42.5 million with a gross profit of $8.1 million. The company reportedly finished the year with a gross profit of $18.67 million.