Short Interest in GRAVITY Co., Ltd. (NASDAQ:GRVY) Drops By 32.5%

GRAVITY Co., Ltd. (NASDAQ:GRVY) saw a large decrease in short interest in August. As of August 14th, there was short interest totaling 23,083 shares, a decrease of 32.5% from the July 30th total of 34,199 shares. Approximately 0.3% of the company’s stock are short sold. Based on an average daily volume of 67,761 shares, the days-to-cover ratio is currently 0.3 days.

Wall Street Analyst Weigh In

Separately, Weiss Ratings raised GRAVITY from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, August 25th. One investment analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, the stock presently has an average rating of “Hold”.

GRAVITY Trading Down 1.2%

Shares of GRVY traded down $0.87 during trading hours on Tuesday, reaching $72.73. The stock had a trading volume of 14,931 shares, compared to its average volume of 40,096. The firm has a 50-day simple moving average of $66.24 and a 200 day simple moving average of $63.78. GRAVITY has a 12 month low of $54.54 and a 12 month high of $76.00. The company has a market capitalization of $505.47 million, a price-to-earnings ratio of 8.85 and a beta of 1.03.

GRAVITY (NASDAQ:GRVY) last announced its quarterly earnings results on Friday, August 7th. The technology company reported $2.26 EPS for the quarter. GRAVITY had a net margin of 14.92% and a return on equity of 12.70%. The business had revenue of $104.47 million during the quarter.

Institutional Investors Weigh In On GRAVITY

Institutional investors and hedge funds have recently made changes to their positions in the business. Farther Finance Advisors LLC lifted its position in GRAVITY by 19,866.7% in the 4th quarter. Farther Finance Advisors LLC now owns 599 shares of the technology company’s stock valued at $35,000 after acquiring an additional 596 shares in the last quarter. Royal Bank of Canada increased its holdings in GRAVITY by 133.4% during the 4th quarter. Royal Bank of Canada now owns 817 shares of the technology company’s stock worth $47,000 after purchasing an additional 467 shares in the last quarter. Eurizon Capital SGR S.p.A. bought a new stake in GRAVITY during the 4th quarter worth approximately $62,000. Quadrant Capital Group LLC purchased a new stake in shares of GRAVITY in the third quarter worth approximately $78,000. Finally, Sandia Investment Management LP bought a new position in shares of GRAVITY in the fourth quarter valued at approximately $142,000. 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.