GRAVITY (NASDAQ:GRVY) Sees Unusually-High Trading Volume - Here's What Happened

Key Points

• GRAVITY’s trading volume jumped 50% to approximately 59,457 shares, while the stock traded near $72.60, down 0.9% from its previous close.
• Weiss Ratings modestly upgraded GRAVITY from “hold (c-)” to “hold (c),” but the broader analyst consensus remains Hold.
• The company reported quarterly EPS of $2.26 on $104.47 million in revenue, with a 14.92% net margin; institutional and hedge-fund ownership stands at 9.92%.

Shares of GRAVITY Co., Ltd. (NASDAQ:GRVY - Get Free Report) saw unusually-strong trading volume on Friday . Approximately 59,457 shares traded hands during mid-day trading, an increase of 50% from the previous session's volume of 39,658 shares.The stock last traded at $72.5950 and had previously closed at $72.83.

Analyst Ratings Changes

Separately, Weiss Ratings upgraded shares of GRAVITY from a "hold (c-)" rating to a "hold (c)" rating in a research report on Tuesday, August 25th. One analyst has rated the stock with a Hold rating, Based on data from MarketBeat, GRAVITY currently has a consensus rating of "Hold".

GRAVITY Trading Down 0.9%

The stock's 50-day moving average is $66.49 and its 200-day moving average is $63.91. The company has a market cap of $501.44 million, a price-to-earnings ratio of 8.85 and a beta of 1.04.

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

Institutional Investors Weigh In On GRAVITY

Institutional investors and hedge funds have recently bought and sold shares of the stock. Militia Capital Management LLC purchased a new position in shares of GRAVITY during the first quarter worth approximately $3,829,000. Ranmore Fund Management Ltd boosted its stake in shares of GRAVITY by 55.7% in the 4th quarter. Ranmore Fund Management Ltd now owns 139,744 shares of the technology company's stock valued at $8,087,000 after purchasing an additional 50,000 shares in the last quarter. Nano Cap New Millennium Growth Fund L P bought a new position in shares of GRAVITY during the 4th quarter valued at $1,476,000. Two Sigma Investments LP grew its holdings in shares of GRAVITY by 64.0% during the 3rd quarter. Two Sigma Investments LP now owns 21,587 shares of the technology company's stock valued at $1,382,000 after purchasing an additional 8,427 shares during the last quarter. Finally, Militia Capital Partners LP raised its position in GRAVITY by 16.1% in the 2nd quarter. Militia Capital Partners LP now owns 53,000 shares of the technology company's stock worth $3,376,000 after purchasing an additional 7,344 shares during the period. 9.92% of the stock is owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source