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

GRAVITY Co., Ltd. (NASDAQ:GRVY)’s stock price crossed 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 traded.

Wall Street Analyst Weigh In

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

GRAVITY Price Performance

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

GRAVITY (NASDAQ:GRVY) last announced its quarterly earnings data 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 during the quarter.

Institutional Trading of GRAVITY

Institutional investors have recently modified their holdings of the business. Sandia Investment Management LP acquired a new position in GRAVITY during the fourth quarter worth $142,000. Royal Bank of Canada grew its holdings in GRAVITY by 133.4% during the fourth quarter. Royal Bank of Canada now owns 817 shares of the technology company’s stock worth $47,000 after acquiring an additional 467 shares during the period. Militia Capital Partners LP grew its holdings in GRAVITY by 1.3% during the fourth quarter. Militia Capital Partners LP now owns 58,737 shares of the technology company’s stock worth $3,399,000 after acquiring an additional 737 shares during the period. Ranmore Fund Management Ltd grew its holdings in GRAVITY by 55.7% during the fourth quarter. Ranmore Fund Management Ltd now owns 139,744 shares of the technology company’s stock worth $8,087,000 after acquiring an additional 50,000 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its holdings in GRAVITY by 39.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 13,698 shares of the technology company’s stock worth $793,000 after acquiring an additional 3,845 shares during the period. 9.92% of the stock is currently owned by hedge funds and other institutional investors.

About GRAVITY

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.