GAMB - Gambling.com attracts Buy rating from BTIG

2023-06-23 08:37:42 ET

Gambling.com Group Limited ( NASDAQ: GAMB ) rose in early trading on Friday after BTIG started off coverage with a Buy rating.

Analyst Clark Lampen noted the digital services marketing company is successfully taking share of a growing affiliate market and has a favorable sector positioning.

"With healthy, high-intent organic traffic growth across an expanding portfolio of sites, we expect GAMB to gain share of operator marketing budgets, and while marketing budgets for operators in the space are biased flat to down relative to current levels, we expect the affiliates' share to rise."

Valuation on GAMB is also called compelling given the expectation for a high single-digit to low double-digit long-term growth rate in the performance marketing affiliate spac. BTIG set a price target of $17 on GAMB as it pointed to fundamental upside and room for multiple expansion.

With its Q1 earnings report, Gambling.com ( GAMB )  notched a 36% rise in revenue year over year to $26.69M as adjusted EBITDA rose 49% to $10.67M. Over 88,000 new depositing customers were added in the quarter as well, marking an over 30% jump from Q1 of 2022.

Shares of Gambling.com ( GAMB ) increased 0.92% in premarket trading on Friday to $9.83 vs. the 52-week trading range of $6.62 to $11.49.

More on Gambling.com:

• Gambling.com Group: Still A Lot Of Upside Left
• Growth metrics on Gambling.com
• Recent options trades on Gambling.com
• Seeking Alpha's Quant Rating for Gambling.com

For further details see: