Amaya CEO David Baazov is hoping to laugh their method to the bank after acquiring 60,000 stocks of their own company’s stock at what a bargain is considered by him cost after a stock drop.
David Baazov happens to be called the ‘King of Online Gambling’ by Forbes, and now the 35-year-old Amaya CEO is hoping to show his business savvy and managing of the poker network that is largest in the globe will translate to big gains on Wall Street.
After Amaya slashed its 2015 earnings that are economic on the heels of a stronger US buck, shares of the company plummeted on both the Toronto and NASDAQ stock exchanges.
Investors fled the gaming conglomerate, fearing the strengthening currency that is americann’t the only culprit responsible for a 13 percent revenues cutback projection.
Baazov is not fazed, and it is out to prove investors incorrect. Just two days after Amaya stock fell 30 percent, the Canadian CEO bought 60,000 shares that are common the Toronto Stock Exchange at CA$20.30 ($15.22) per share for a deal total of $912,798.
Fools Rush In
Several market analysts agree with Baazov that Amaya is ripe for choosing by capitalists looking for a rise stock with considerable potential. One particular experts is Nelson Smith, a writer for The Motley Fool in Canada.
‘Between its PokerStars and Full Tilt Poker platforms, it commands about 70 percent of the market,’ Smith writes on the investing w (more…)