MGT is trying to change its business model so that it becomes a more balanced company with a steady stream of revenues. The acquisition of FanTD LLC is a step in that direction. It will mark an entry into the mobile gaming and wagering business, and the company does not remain solely dependent on the lawsuit against casino gaming companies. The Markman hearing of that lawsuit is likely in a few months and the recent patterns indicate that the stock may be about to start another leg of positive movement. There was news about settlement with WMS (one of the defendants), and that had led to an increase in trading volumes a few weeks ago. Scientific Games (SGMS) had agreed to acquire WMS in a $1.5 billion deal where the WMS stock was valued at around $26. However, there were talks that the agreed price appeared a little high to SGMS due to the possibilities of damages / royalties in the lawsuit against MGT. That merger has cleared regulatory hurdles and is up for shareholder vote in a few days. It is possible that one can get an update on this from WMS or SGMS soon. In fact, there was a possibility that SGMS or WMS may acquire MGT to overcome this hurdle to their merger. In any case, the upcoming Markman hearing is likely to lead to more momentum in the existing uptrend. Seekingalpha had given a target of $17 for MGT in October 2013. This calculation was based on the returns delivered by stocks of plaintiff companies in patent infringement lawsuits in a run up to the Markman hearing. While this may seem a little steep, the possibility cannot be ruled out totally. In addition, investors will look at MGT in a different light after its entry into the online gambling space. Hope the upward movement continues. The stock is definitely stronger now.
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