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

GRAVITY Co., Ltd. (NASDAQ:GRVY) was the target of a significant 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. Based on an average daily trading volume, of 67,761 shares, the days-to-cover ratio is presently 0.3 days. Currently, 0.3% of the company’s stock are sold short.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings upgraded GRAVITY from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, August 25th. One analyst has rated the stock with a Hold rating, According to MarketBeat, GRAVITY has a consensus rating of “Hold”.

Hedge Funds Weigh In On GRAVITY

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Ranmore Fund Management Ltd grew its position in GRAVITY by 55.7% during the fourth quarter. Ranmore Fund Management Ltd now owns 139,744 shares of the technology company’s stock valued at $8,087,000 after buying an additional 50,000 shares during the period. Militia Capital Management LLC purchased a new stake in GRAVITY during the first quarter worth about $3,829,000. Militia Capital Partners LP raised its position in GRAVITY by 1.3% in 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. Nano Cap New Millennium Growth Fund L P bought a new stake in GRAVITY in the fourth quarter worth about $1,476,000. Finally, Two Sigma Investments LP boosted its stake in GRAVITY by 64.0% in the third quarter. Two Sigma Investments LP now owns 21,587 shares of the technology company’s stock valued at $1,382,000 after acquiring an additional 8,427 shares during the last quarter. 9.92% of the stock is owned by hedge funds and other institutional investors.

GRAVITY Trading Down 1.2%

Shares of GRVY stock traded down $0.87 during trading on Tuesday, hitting $72.73. The company’s stock had a trading volume of 14,931 shares, compared to its average volume of 40,096. The company has a market cap of $505.47 million, a PE ratio of 8.85 and a beta of 1.03. The business has a fifty day moving average of $66.24 and a 200-day moving average of $63.78. GRAVITY has a 52 week low of $54.54 and a 52 week high of $76.00.

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

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.