Golden Matrix Group, Inc. (NASDAQ:GMGI) has reported that its Chief Operating Officer, Feng Weiting, sold a significant amount of company stock over two days, according to a recent SEC filing. The transactions, which took place on May 6 and May 7, 2024, resulted in the sale of company shares worth over $199,000.
On the first day, Feng disposed of 9,291 shares at an average price of $4.0432, as detailed in the SEC filing footnotes. The following day, the COO continued to sell, parting with 37,166 shares at an average price of $4.3603. These sales were executed in multiple transactions, with the prices ranging between $4.0432 and $4.3603 per share.
After these transactions, Feng Weiting's holdings in Golden Matrix Group decreased, yet the COO still maintains a substantial position in the company with 2,791,231 shares remaining, as indicated by the post-transaction amounts listed in the filing.
Golden Matrix Group, Inc. is known for its prepackaged software services, operating under the technology sector, and is incorporated in Nevada. The company, formerly known as Source Gold Corp. and Ibex Resources Corp., has experienced changes in its executive ranks over the years, with this recent sale by the COO being the latest financial move reported to the SEC.
InvestingPro Insights
Golden Matrix Group, Inc. (NASDAQ:GMGI) has been in the spotlight following the recent sale of shares by its COO, Feng Weiting. Investors closely monitoring GMGI may find the following InvestingPro Insights particularly useful in the context of the company's current financial standing and market performance.
InvestingPro Data indicates that Golden Matrix Group holds a market capitalization of $562.32 million. Despite a negative P/E Ratio of -156.24, the company has shown a promising revenue growth of 19.26% over the last twelve months as of Q1 2024. The revenue growth is further substantiated by a quarterly increase of 9.89% in Q1 2024, reflecting a potential upward trajectory in the company's financial performance.
Among the InvestingPro Tips, it's noteworthy that GMGI is expected to see net income growth this year, with analysts also anticipating sales growth in the current year. Moreover, the company has demonstrated a significant return over the last week, with a price total return of 24.8%. These insights suggest a positive outlook for the company's profitability and market valuation, which could be of interest to investors considering the recent insider trading activity.
Investors looking for more comprehensive analysis and additional tips can find a total of 21 InvestingPro Tips for Golden Matrix Group, Inc. by visiting https://www.investing.com/pro/GMGI. These tips can provide a deeper understanding of the company's financial health and market positioning. For those interested in a subscription, use the coupon code PRONEWS24 to receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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