GRAVITY (NASDAQ:GRVY) Shares Cross Below 50-Day Moving Average – Here’s Why

GRAVITY Co., Ltd. (NASDAQ:GRVY) passed below its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of $64.60 and traded as low as $60.01. GRAVITY shares last traded at $60.47, with a volume of 12,260 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of GRAVITY in a research report on Monday, December 29th. One research analyst has rated the stock with a Hold rating, According to MarketBeat, the stock has an average rating of “Hold”.

GRAVITY Stock Performance

The stock’s 50-day moving average is $64.60 and its 200 day moving average is $61.10. The stock has a market capitalization of $420.21 million, a PE ratio of 9.07 and a beta of 1.04.

GRAVITY (NASDAQ:GRVY) last posted its earnings results on Friday, March 27th. The technology company reported $1.07 EPS for the quarter. GRAVITY had a net margin of 11.94% and a return on equity of 10.71%. The firm had revenue of $69.74 million for the quarter.

Institutional Trading of GRAVITY

A number of large investors have recently bought and sold shares of GRVY. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in GRAVITY by 13.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,644 shares of the technology company’s stock worth $644,000 after purchasing an additional 1,248 shares during the period. JPMorgan Chase & Co. boosted its stake in GRAVITY by 1,052.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 3,457 shares of the technology company’s stock worth $220,000 after purchasing an additional 3,157 shares during the period. Bank of America Corp DE boosted its stake in GRAVITY by 11.3% during the 2nd quarter. Bank of America Corp DE now owns 2,782 shares of the technology company’s stock worth $177,000 after purchasing an additional 282 shares during the period. Militia Capital Partners LP boosted its stake in GRAVITY by 16.1% during the 2nd quarter. Militia Capital Partners LP now owns 53,000 shares of the technology company’s stock worth $3,376,000 after purchasing an additional 7,344 shares during the period. Finally, GAMMA Investing LLC boosted its stake in GRAVITY by 38.2% during the 3rd quarter. GAMMA Investing LLC now owns 778 shares of the technology company’s stock worth $50,000 after purchasing an additional 215 shares during the period. Institutional investors and hedge funds own 9.92% of the company’s stock.

GRAVITY Company Profile

Gravity Co, Ltd is a South Korea–based developer and publisher of online games, best known for creating the Ragnarok franchise. Since its founding in 2000 by industry veteran Kim Sang-young, the company has specialized in massively multiplayer online role‐playing games (MMORPGs) and related digital content. Over the years, Gravity has expanded its portfolio beyond its flagship title to include sequels, spin-offs and mobile adaptations targeted at a global audience.

The company’s product lineup centers on PC and mobile MMORPGs built on the Ragnarok intellectual property.