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What is the news behind Super League Gaming Inc.’s (SLGG) recent soar?

Super League Gaming Inc. (NASDAQ: SPLG) saw a 47.63% surge in the stock price and is currently valued at a price of $7.69, EST 11:36 am. The stock previously closed at $4.01.

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Maxim group gives Super League Gaming (SLGG) a buy rating

Super league gaming is a global leader in e-sports and video-gaming entertainment. The prices previously rose from the past two days despite having no news from the company itself. However on 1st March, the Maxim group initiated coverage of Super League Gaming with a Buy rating. One of their Analyst Allen Kee was behind this initiation and placed the target price at $6.

Maxim Group is a financial services firm that provides investment, equity research, capital & merchant market consultancy, wealth management and, prime brokerage. The analyst focus on buy-rating can be hedged generally on increase stream of revenue through sponsoring, extensive marketing, advertising, increased worldwide distribution.

The average daily trade volume of Super League Gaming (SLGG) is of 1.21 million shares but alongside the news of the Analyst rating, there has been a trigger of heavy trade volume as much as 11 million shares was exchanging hands on Tuesday. The price target of 6% shows a potential upside of 91% compared to last week’s closing on Friday.

Robust partnership could see growth in revenue SLGG

What could potentially prompt this positive outlook for the company is the fact thatSuper League Gaming Inc. (SPLG) on 8th February announced a partnership with media distributor Harena Data, Inc. Both companies have partnered up in the past on Indiana Sports Combine, in which 2000 esport athletes from different educational and academic institutions were given a chance to participate in gaming tournaments as well as talk shows held with industry speakers and influencers.

This event resulted in nearly 50 scholarships for deserving students by allowing the gaming industry to access the academic platform and embraces new opportunities for students to showcase their talents and get recognized scholarly around the world for it. Super League Gaming Inc. is has gained recognition in this platform and any future events will be welcomed and looked-forward to by the gaming and academic community.

The new recent partnership between the gaming entertainment provider and the media distributor is for producing and distributing video games entertainment again in a community driven experience around the globe. This partnership based on success in the past, looks promising for producing a positive growth in the Super League Gaming Inc.’s revenue generation.

Redditors causing a stir around GME and SLGG rumour

What is intriguing is that WallStreetBets and the army of redditors have  resurfaced, this time again with the inception of GameStop (GME) rumors that speculates acquisition of Super League Gaming Inc. (NASDAQ:SPLG) by GameStop. These rumors surfaced on the subreddit pages like r/stock, r/RobinHoodPennyStocks, r/WallStreetBetsnew 2 days ago and the moderators keep removing these rumors while it keeps circulating around by redditors on different subreddits. No major media outlet is making any coverage as of yet because the news is not news but merely a theory presented by redditors.

The theory was posted by redditor u/Metasophocles and is centered aroundRyan Cohen’s (member of GameStop executive board) tweet which consisted of a frog emoji and a Mcdonald’s ice-cream cone picture. The reddit user has theorized in his post that this tweet is referring to Ann Hand (CEO of thatSuper League Gaming SLGG) based on her LinkedIn Profile which mentions her working for Project Frog and as a manager at Mcdonald’s.  He further goes on to suggest that this is somehow related to GameStop trying to expand their gaming empire.

Still just speculation that can trigger volatility

The increase in SLGG stock price due to this “reddit rumor” is based completely on speculation however there is no arguing that it is causing a stir among the reddit community which may spillover to other retail investors and quite possibly increase the price volatility of the Penny Stock. There is no actual basis that could credit and verify this rumor but investors will continue to see hype around the SLGG stock for some time.

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