GCL Global Holdings Ltd. (NASDAQ:GCL) Sees Significant Decrease in Short Interest

Key Points

• Short interest fell sharply: GCL Global’s short interest dropped 55.1% to 83,807 shares as of July 31, representing about 0.1% of shares outstanding and only 0.6 days to cover.
• Institutional ownership increased: Several hedge funds initiated or expanded positions, including Citadel Advisors and XTX Topco. Institutional investors now own 36.55% of the company.
• Analyst sentiment remains negative: GCL reported a quarterly loss of $0.08 per share on $70.1 million in revenue, while Weiss Ratings maintained a “sell” rating and the consensus analyst rating is “Sell.”

GCL Global Holdings Ltd. (NASDAQ:GCL - Get Free Report) was the target of a large decline in short interest in July. As of July 31st, there was short interest totaling 83,807 shares, a decline of 55.1% from the July 15th total of 186,814 shares. Approximately 0.1% of the shares of the stock are sold short. Based on an average daily volume of 144,264 shares, the days-to-cover ratio is presently 0.6 days.

Hedge Funds Weigh In On GCL Global

Several large investors have recently modified their holdings of the stock. Geode Capital Management LLC bought a new stake in GCL Global in the second quarter worth $54,000. Two Sigma Investments LP bought a new position in GCL Global during the third quarter valued at $42,000. Citadel Advisors LLC raised its stake in shares of GCL Global by 54.4% in the third quarter. Citadel Advisors LLC now owns 55,939 shares of the company's stock valued at $139,000 after acquiring an additional 19,699 shares during the period. Finally, XTX Topco Ltd raised its stake in shares of GCL Global by 361.2% in the fourth quarter. XTX Topco Ltd now owns 48,682 shares of the company's stock valued at $52,000 after acquiring an additional 38,127 shares during the period. Institutional investors own 36.55% of the company's stock.

GCL Global Price Performance

Shares of GCL Global stock traded up $0.04 during trading hours on Friday, reaching $0.52. The company's stock had a trading volume of 488,176 shares, compared to its average volume of 818,691. The firm has a 50 day moving average price of $0.45 and a 200-day moving average price of $0.57. GCL Global has a one year low of $0.38 and a one year high of $3.79. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.52 and a quick ratio of 1.13. The stock has a market cap of $67.10 million, a P/E ratio of -26.21 and a beta of 0.36.

GCL Global (NASDAQ:GCL - Get Free Report) last announced its quarterly earnings results on Friday, July 31st. The company reported ($0.08) EPS for the quarter. The company had revenue of $70.10 million for the quarter.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings downgraded GCL Global from a "sell (d)" rating to a "sell (d-)" rating in a research report on Tuesday. One investment analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock has a consensus rating of "Sell".

About GCL Global

GCL Global Enterprises, Inc NASDAQ: GCL is a U.S.-based provider of residential and commercial restoration, remodeling and reconstruction services. The company specializes in water damage remediation, mold mitigation, fire and smoke damage restoration, storm and disaster recovery, and general contracting work. Through a combination of proprietary processes, licensed technicians and third-party partnerships, GCL Global delivers end-to-end project management from initial assessment through final rebuild.

In addition to its core restoration business, GCL Global offers home improvement and renovation services, including flooring, painting, cabinetry and other remodeling projects.

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