About a month ago, I highlighted Enthusiast Gaming Holdings (EGLX) as my top play in the gaming space. At the time, I was anticipating a solid earnings report for the fourth quarter and an "uplisting" to the Nasdaq exchange from the OTC market. Both of those events have now occurred, and I'm now looking for the market to start to discover the great potential this stock holds.
Enthusiast's various websites, YouTube channels, and e-Sports events attract over 300 million gamers, which is one of the largest Generation Z user bases of any publicly traded stock. Gaming now attracts more viewers than the music and movie business combined.
The company is working hard to monetize this tremendous customer base in a number of ways, and since it is now fully listed on the Nasdaq exchange, I expect institutional investors to start to build positions. There aren't many Gen Z plays out there of this size other than Snap (SNAP) and Roblox (RBLX) .
This is a tremendous growth play that is still at a very early point. The uplisting to Nasdaq just happened Wednesday, and there is still some confusion about the symbol change to EGLX from ENGMF. Hopefully, there will be new coverage from U.S. brokers, and we'll start seeing institutional interest.
The stock briefly broke out over the $8.50 area into the uplisting but then pulled back on the symbol confusion. I'm using the opportunity to build my position further.