10 Best Casino Stocks To Buy According to Analysts

2. Bragg Gaming Group Inc. (NASDAQ:BRAG)

Average Price Target Upside as of September 1: 51.09%

Number of Hedge Fund Holders: 6

Bragg Gaming Group Inc. (NASDAQ:BRAG) is an iGaming company that provides technology and gaming content for casinos and sportsbook operations. It not only runs its gaming studio that designs casino games but also operates the Bragg Hub platform that helps online casinos deliver games to its audience. The company also offers additional marketing services, payment processing, and customer services to its partners.

Bragg Gaming Group Inc. (NASDAQ:BRAG) is capitalizing on its existing relationships and building new collaborations to grow its market share as part of its USA rollout initiative. In collaboration with MGM and Borgata, the company announced the launch of its SI Gaming platform in Pennsylvania. Moreover, the company also announced the launch of Fanduel PA, a popular online sports betting and gaming platform, with Battery 365.

The revenue of the company for the latest quarter, FQ2 2024 was €24.9 million, up 0.5% year-over-year. However, the gross profits were down 10% during the same time as already expected by the company. Management finds the change in product mix to be the reason leading to loss of profit.

Regardless, management remains confident in its progress and has retained its full-year guidance of revenue between €102 million to €109 million. Moreover, to deal with the increasing operating cost management has also pointed towards strategic alternatives for the company, which is expected to bring back profitability.

Bragg Gaming Group Inc. (NASDAQ:BRAG) has demonstrated its ability to be a successful business over the past 5 years. Over the last half-decade, the company has grown its top line by 45%. Analysts are also bullish on BRAG, 6 analysts have a Strong Buy rating on the stock, with their 12-month median price target of $7.65 pointing towards a 51% upside from the current level.

BRAG was held by 6 hedge funds in Q2 2024, with total stakes worth $3.72 million. Royce & Associates is the top shareholder with a position worth $1.39 million.