GCL Global (NASDAQ:GCL) Stock Jumps 1.6% – Here’s Why

GCL Global Holdings Ltd. (NASDAQ:GCL) shares traded up 1.6% on Thursday. The stock traded as high as $0.9065 and last traded at $0.8852. Approximately 21,295 shares changed hands during trading, a decline of 87% from the average daily volume of 166,245 shares. The stock had previously closed at $0.8710.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings raised shares of GCL Global from a “sell (d-)” rating to a “sell (d)” rating in a report on Tuesday, September 29th. One equities research analyst has rated the stock with a Sell rating. According to data from MarketBeat.com, GCL Global currently has a consensus rating of “Sell”.

GCL Global Trading Down 0.3%

The firm has a 50-day moving average of $0.72 and a two-hundred day moving average of $0.63. The firm has a market capitalization of $113.02 million, a P/E ratio of 88.29 and a beta of 0.31. The company has a current ratio of 1.52, a quick ratio of 1.13 and a debt-to-equity ratio of 0.80.

GCL Global (NASDAQ:GCL) last issued its earnings results on Friday, July 31st. The company reported ($0.08) EPS for the quarter. The business had revenue of $70.10 million during the quarter.

GCL Global announced that its Board of Directors has initiated a stock repurchase plan on Friday, August 28th that authorizes the company to buy back $10 million in shares. This buyback authorization authorizes the company to purchase up to 11.6% of its stock through open market purchases. Share buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On GCL Global

An institutional investor recently bought a new stake in GCL Global stock. Citadel Advisors LLC bought a new stake in GCL Global Holdings Ltd. (NASDAQ:GCL) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 95,620 shares of the company’s stock, valued at approximately $43,000. Citadel Advisors LLC owned approximately 0.07% of GCL Global at the end of the most recent reporting period. Institutional investors own 36.55% of the company’s stock.

GCL Global Company Profile

GCL Global Limited is a video game company focused on the publishing, distribution and commercialization of interactive entertainment products. The company works with game developers and publishers to bring video games to consumers through digital storefronts, physical retail channels and other distribution platforms.

Its activities include game localization, marketing, sales and distribution, with an emphasis on adapting products for regional audiences and market conditions. GCL Global serves international markets, including parts of Southeast Asia and other emerging gaming regions, through relationships with content owners, platform operators and retail partners.

The company is headquartered in Singapore and operates as a publicly traded business on the Nasdaq under the symbol GCL.