Stock Update (NYSEMKT:MGT): MGT Capital Investments Inc. Provides Update on Status of D-Vasive Acquisition
MGT Capital Investments Inc. (NYSEMKT:MGT) announced that the New York Stock Exchange informed the Company late yesterday afternoon that it will not approve the listing on the Exchange of the 43.8 million shares that the Company is required to issue in order to complete the closing of the D-Vassive merger. The Company and John McAfee remain committed to closing the transaction and are exploring alternatives.
Mr. McAfee stated, “We are determined to consummate a transaction that brings our cybersecurity technologies to market in order to solve the pressing privacy and security issues that society faces.” (Original Source)
Shares of MGT Capital closed yesterday at $2.52, down $0.74 or -22.70%. MGT has a 1-year high of $5.58 and a 1-year low of $0.15. The stock’s 50-day moving average is $3.33 and its 200-day moving average is $2.17.
On the ratings front, Ascendiant Capital analyst Edward Woo initiated coverage with a Buy rating on MGT and a price target of $6, in a report issued on August 15. The current price target represents a potential upside of 138% from where the stock is currently trading. According to TipRanks.com, Woo has a yearly average return of 14.5%, a 62.5% success rate, and is ranked #375 out of 4166 analysts.
MGT Capital Investments, Inc. engages in the business of acquiring, developing and monetizing assets in the online and mobile gaming space, as well as the casino industry. It operates through two reportable segments: Gaming and Intellectual Property.