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Is This Esports Stock Ready to Rebound in 2023?

Enthusiast Gaming (TSX:EGLX)(NASDAQ:EGLX) is a Toronto-based company that is engaged in the media, content, entertainment, and esports businesses in Canada, the United States, and around the world. Shares of this gaming stock have plummeted 71% year-over-year as of close on March 13. The stock is up 9% so far in 2023.

Canadian investors should be eager to get in on the burgeoning eSports business that is exploding around the world. Fortune Business Insights estimated that the global eSports market was valued at US$1.22 billion in 2021. That same report projects that this market will grow from US$1.44 billion in 2022 to US$5.48 billion in 2029. This would represent a compound annual growth rate (CAGR) of 21% over the forecast period.

This company is expected to release its final batch of fiscal 2022 earnings sometime this month. In Q3 2022, Enthusiast delivered year-over-year revenue growth of 17% to $50.6 million. Meanwhile, gross profit rose to a record $16.6 million – up 64% compared to the prior year. Moreover, direct sales also increased to a record $10.1 million which was up 49% compared to the third quarter of fiscal 2021.

Shares of this gaming stock are trading in favourable value territory compared to its industry peers. It is on track for strong revenue growth in the quarters ahead. I’m looking to snatch up Enthusiast after a very turbulent 2022.