GMGI

Golden Matrix Group ($GMGI) Officer Accelerates $2.6M Share Purchases Over Six Months Despite 60% Stock Price Decline, Following Debt Elimination

04/17/2025 20:09

Golden Matrix Group Inc. ($GMGI) officer Aleksandar Milovanovic has been on an unprecedented share purchasing spree over the past six months, catching the attention of investors. Most recently, on April 15th, Milovanovic acquired 146,080 shares at approximately $1.95 per share, investing about $284,856. This followed an identical purchase of 146,080 shares at $1.94 per share just one day earlier on April 14th. What's particularly noteworthy is that these substantial purchases are occurring despite $GMGI's share price having declined approximately 60% over the past year. While the stock has fallen from $5.02 in early June 2024 to current levels around $2.05, Milovanovic has been increasing the scale of his purchases. February 2025 saw especially concentrated buying activity, with Milovanovic acquiring 200,000 shares on February 12th and another 100,000 shares on February 13th at $1.85 per share, representing a total investment of $555,000 in just two days. According to disclosure documents, Milovanovic has purchased more than 1.3 million shares between late October 2024 and mid-April 2025, with a total investment of approximately $2.6 million. This insider buying activity coincides with a significant financial development announced by $GMGI on April 14th. The company revealed it had eliminated approximately $9.5 million in acquisition-related debt through an equity conversion. This strategic move reflects the confidence of Meridianbet's founders, a $GMGI subsidiary, in the company's growth potential, as they agreed to convert their debt claims into equity. Meanwhile, $GMGI director Thomas McChesney has shown modest selling activity in recent months. On March 26, 2025, he sold 7,500 shares at $2.12 per share, followed by an additional 257 shares on March 28th. However, these transactions are relatively insignificant compared to Milovanovic's substantial purchases. Golden Matrix Group, an online gaming and sports betting technology company, has been focusing on global market expansion. Last June, its subsidiary Meridianbet Group secured a sports betting license in South Africa, and in August, the company entered into an agreement to acquire an 80% controlling interest in Australian-based Classics For A Cause for approximately $8.4 million. Financially, the company has been showing strength. According to recently published fiscal year 2024 results, $GMGI's annual revenue increased by 63% year-over-year to $151.1 million, with fourth-quarter revenue surging 81% to $46 million. Additionally, the company maintains healthy operating cash flow of $23.92 million. However, with a net loss of $1.48 million, profitability remains a challenge. In this context, Milovanovic's aggressive share purchases can be interpreted as a strong signal of an insider's confidence in the company's long-term growth potential. Analysts maintain a positive outlook for $GMGI, with a median price target of $3.55, approximately 70% above current levels. When considered alongside insider trading patterns, the consistent buying behavior from key insiders like Milovanovic may serve as an important indicator of confidence in the company's future growth. The upcoming first-quarter 2025 results, scheduled for release on April 17th, will be a critical indicator of the company's growth trajectory and potential profitability improvements, and investors should continue to monitor additional insider trading activity closely.