Allied Esports Entertainment (NASDAQ:AESE) Downgraded to “Hold” at Zacks Investment Research

Zacks Investment Research downgraded shares of Allied Esports Entertainment (NASDAQ:AESE) from a buy rating to a hold rating in a research report sent to investors on Monday, Zacks.com reports.

According to Zacks, “Allied Esports Entertainment Inc. is a premier esports entertainment company. Allied Esports Entertainment Inc., formerly known as Black Ridge Acquisition Corp., is based in CA, United States. “

Separately, Colliers Securities downgraded shares of Allied Esports Entertainment from a buy rating to a neutral rating in a report on Tuesday, May 25th.

Shares of Allied Esports Entertainment stock opened at $1.75 on Monday. Allied Esports Entertainment has a twelve month low of $0.86 and a twelve month high of $4.31. The firm’s 50-day simple moving average is $1.98 and its 200-day simple moving average is $2.33.

Allied Esports Entertainment (NASDAQ:AESE) last announced its quarterly earnings results on Sunday, August 15th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.12) by $0.05. The firm had revenue of $0.83 million for the quarter. Research analysts forecast that Allied Esports Entertainment will post -0.52 earnings per share for the current year.

Hedge funds and other institutional investors have recently made changes to their positions in the business. HRT Financial LP bought a new position in shares of Allied Esports Entertainment in the first quarter worth about $43,000. BlackRock Inc. raised its stake in shares of Allied Esports Entertainment by 210.5% in the first quarter. BlackRock Inc. now owns 64,899 shares of the company’s stock worth $187,000 after acquiring an additional 43,998 shares during the last quarter. Bank of New York Mellon Corp bought a new position in shares of Allied Esports Entertainment in the first quarter worth about $58,000. State Street Corp bought a new position in shares of Allied Esports Entertainment in the second quarter worth about $268,000. Finally, Geode Capital Management LLC raised its stake in shares of Allied Esports Entertainment by 22.8% in the second quarter. Geode Capital Management LLC now owns 161,952 shares of the company’s stock worth $372,000 after acquiring an additional 30,022 shares during the last quarter. 3.70% of the stock is owned by institutional investors.

About Allied Esports Entertainment

Allied Esports Entertainment, Inc is an esports entertainment company, which engages in the creation of esports venues and live events for both video games and poker. It operates through the following segments: Poker, gaming & entertainment and E-sports. The Poker, gaming & entertainment segment provides televised gaming and entertainment, land-based poker tournaments, online and mobile poker applications through World Poker Tour (WPT).

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