Gravity Co., Ltd. (NASDAQ:GRVY) Sees Significant Drop in Short Interest

Gravity Co., Ltd. (NASDAQ:GRVY) was the target of a significant drop in short interest during the month of September. As of September 30th, there was short interest totalling 8,200 shares, a drop of 14.6% from the September 15th total of 9,600 shares. Based on an average daily volume of 30,100 shares, the days-to-cover ratio is presently 0.3 days.

Analyst Upgrades and Downgrades

Separately, StockNews.com downgraded shares of Gravity from a “buy” rating to a “hold” rating in a research note on Friday, August 16th.

Institutional Trading of Gravity

A number of hedge funds have recently added to or reduced their stakes in the business. Creative Planning increased its position in Gravity by 7.3% during the 2nd quarter. Creative Planning now owns 3,801 shares of the technology company’s stock valued at $307,000 after purchasing an additional 260 shares during the period. Apis Capital Advisors LLC raised its stake in Gravity by 88.9% in the second quarter. Apis Capital Advisors LLC now owns 17,000 shares of the technology company’s stock worth $1,373,000 after buying an additional 8,000 shares in the last quarter. Caprock Group LLC purchased a new stake in Gravity during the second quarter worth $394,000. QRG Capital Management Inc. purchased a new stake in Gravity during the second quarter worth $209,000. Finally, GAMMA Investing LLC boosted its position in Gravity by 68.9% during the 2nd quarter. GAMMA Investing LLC now owns 321 shares of the technology company’s stock valued at $26,000 after acquiring an additional 131 shares in the last quarter. 9.92% of the stock is owned by hedge funds and other institutional investors.

Gravity Price Performance

GRVY stock traded up $2.48 during mid-day trading on Wednesday, reaching $59.98. The company had a trading volume of 83,933 shares, compared to its average volume of 33,267. The firm has a 50 day moving average of $61.67 and a 200 day moving average of $70.60. Gravity has a 12 month low of $57.37 and a 12 month high of $88.85. The company has a market capitalization of $416.80 million, a PE ratio of 4.53 and a beta of 1.35.

Gravity (NASDAQ:GRVY) last released its quarterly earnings data on Friday, August 9th. The technology company reported $1.31 EPS for the quarter. Gravity had a return on equity of 37.85% and a net margin of 14.87%. The company had revenue of $89.33 million for 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.