GRAVITY Co., Ltd. (NASDAQ:GRVY) Sees Significant Decrease in Short Interest

Key Points

• GRAVITY Co., Ltd. (NASDAQ:GRVY) experienced a significant decrease in short interest, falling by 34.8% in August, with only 4,500 shares shorted as of August 31st.
• Institutional investors have shown increased interest, with notable increases in holdings from Parallel Advisors LLC (up 160.9%) and GAMMA Investing LLC (up 120.8%) during the 2nd quarter.
• Wall Street analysts downgraded GRAVITY from a "buy" rating to a "hold" rating on August 22nd, following the company's earnings report where it posted $1.41 EPS.

GRAVITY Co., Ltd. (NASDAQ:GRVY - Get Free Report) was the recipient of a large drop in short interest in the month of August. As of August 31st, there was short interest totaling 4,500 shares, a drop of 34.8% from the August 15th total of 6,900 shares. Based on an average daily volume of 11,900 shares, the days-to-cover ratio is currently 0.4 days. Approximately 0.1% of the company's stock are short sold. Approximately 0.1% of the company's stock are short sold. Based on an average daily volume of 11,900 shares, the days-to-cover ratio is currently 0.4 days.

Institutional Trading of GRAVITY

Several institutional investors and hedge funds have recently modified their holdings of the business. Parallel Advisors LLC boosted its holdings in shares of GRAVITY by 160.9% during the 2nd quarter. Parallel Advisors LLC now owns 467 shares of the technology company's stock valued at $30,000 after acquiring an additional 288 shares in the last quarter. GAMMA Investing LLC grew its position in GRAVITY by 120.8% during the 2nd quarter. GAMMA Investing LLC now owns 563 shares of the technology company's stock worth $36,000 after acquiring an additional 308 shares during the last quarter. Bank of America Corp DE grew its position in GRAVITY by 11.3% during the 2nd quarter. Bank of America Corp DE now owns 2,782 shares of the technology company's stock worth $177,000 after acquiring an additional 282 shares during the last quarter. Wealthquest Corp bought a new stake in GRAVITY during the 1st quarter worth $202,000. Finally, Citadel Advisors LLC bought a new stake in GRAVITY during the 4th quarter worth $204,000. 9.92% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Separately, Wall Street Zen downgraded GRAVITY from a "buy" rating to a "hold" rating in a research report on Friday, August 22nd.

GRAVITY Stock Performance

NASDAQ:GRVY opened at $64.01 on Monday. GRAVITY has a 52-week low of $53.12 and a 52-week high of $70.00. The company has a market cap of $444.87 million, a P/E ratio of 7.68 and a beta of 1.05. The stock's 50-day simple moving average is $64.06 and its 200 day simple moving average is $62.01.

GRAVITY (NASDAQ:GRVY - Get Free Report) last posted its quarterly earnings results on Friday, August 8th. The technology company reported $1.41 EPS for the quarter. GRAVITY had a return on equity of 17.45% and a net margin of 17.60%.The business had revenue of $126.15 million during the quarter.

About GRAVITY

Gravity Co, Ltd. develops and publishes online and mobile games worldwide. It offers a massively multiplayer online role-playing game, including Ragnarok Online, Dragonica, Ragnarok Online II, and Ragnarok Landverse. Its mobile games portfolio includes Ragnarok M; Eternal Love; Ragnarok Origin; Ragnarok X: Next Generation; Ragnarok Arena; WITH ISLAND; the Labyrinth of Ragnarok; Ragnarok Poring Merge; Tera Classic; Ragnarok: The Lost Memories; Sadako M; NBA: Rise To Stardom; Milkmaid Of The Milky Way; Generation Zombie; Ragnarok Idle Adventure; Ragnarok 20 Heroes; White Chord; WITH: Whale In The High; Ragnarok Lost Memories; and Paladog Tactics.

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