GRAVITY (NASDAQ:GRVY) Share Price Crosses Above Fifty Day Moving Average - Here's Why

Key Points

• GRAVITY shares moved above their 50-day moving average during Thursday trading, briefly reaching $64.00 before last trading at $62.44.
• The stock was down 1.7% on the day, with a market cap of about $433.96 million and a very low volume of 23,056 shares.
• In its latest quarterly report, GRAVITY posted $1.07 EPS on $78.53 million in revenue, while institutional investors recently increased or adjusted positions in the stock.

Shares of GRAVITY Co., Ltd. (NASDAQ:GRVY - Get Free Report) passed above its fifty day moving average during trading on Thursday . The stock has a fifty day moving average of $63.04 and traded as high as $64.00. GRAVITY shares last traded at $62.44, with a volume of 23,056 shares.

GRAVITY Trading Down 1.7%

The company's fifty day moving average is $63.04 and its two-hundred day moving average is $63.07. The stock has a market cap of $433.96 million, a price-to-earnings ratio of 8.55 and a beta of 1.01.

GRAVITY (NASDAQ:GRVY - Get Free Report) last released its quarterly earnings results on Friday, April 10th. The technology company reported $1.07 EPS for the quarter. GRAVITY had a return on equity of 11.44% and a net margin of 12.63%.The company had revenue of $78.53 million for the quarter.

Institutional Investors Weigh In On GRAVITY

Several institutional investors and hedge funds have recently modified their holdings of the company. Bank of America Corp DE boosted its holdings 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 valued at $177,000 after acquiring an additional 282 shares during the period. Signaturefd LLC increased its stake in GRAVITY by 63.4% during the fourth quarter. Signaturefd LLC now owns 959 shares of the technology company's stock worth $55,000 after purchasing an additional 372 shares during the period. Royal Bank of Canada lifted its position in shares of 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 purchasing an additional 467 shares in the last quarter. Farther Finance Advisors LLC lifted its position in shares of GRAVITY by 19,866.7% during the fourth quarter. Farther Finance Advisors LLC now owns 599 shares of the technology company's stock worth $35,000 after purchasing an additional 596 shares in the last quarter. Finally, Quadrant Capital Group LLC boosted its stake in shares of GRAVITY by 49.5% in the fourth quarter. Quadrant Capital Group LLC now owns 1,822 shares of the technology company's stock valued at $105,000 after purchasing an additional 603 shares during the period. Hedge funds and other institutional investors own 9.92% of the company's stock.

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.

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