GRAVITY (NASDAQ:GRVY) Shares Up 8.8% – Here’s Why

GRAVITY Co., Ltd. (NASDAQ:GRVY)’s share price rose 8.8% on Friday. The stock traded as high as $71.36 and last traded at $73.3250. 11,816 shares traded hands during mid-day trading, a decline of 68% from the average daily volume of 36,474 shares. The stock had previously closed at $67.41.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings raised shares of GRAVITY from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, August 25th. One equities research analyst has rated the stock with a Hold rating. According to MarketBeat, the stock has a consensus rating of “Hold”.

GRAVITY Trading Up 7.9%

The stock has a market capitalization of $505.64 million, a PE ratio of 8.98 and a beta of 0.95. The business has a fifty day moving average price of $68.33 and a 200-day moving average price of $65.33.

GRAVITY (NASDAQ:GRVY) last announced its quarterly earnings data on Friday, November 13th. The technology company reported $2.27 earnings per share for the quarter. The company had revenue of $145.19 million for the quarter. GRAVITY had a return on equity of 12.70% and a net margin of 14.92%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Allworth Financial LP raised its stake in shares of GRAVITY by 38.8% during the third quarter. Allworth Financial LP now owns 747 shares of the technology company’s stock worth $50,000 after acquiring an additional 209 shares in the last quarter. Ramsey Quantitative Systems bought a new stake in shares of GRAVITY in the 3rd quarter worth approximately $27,000. Royal Bank of Canada lifted its holdings in shares of GRAVITY by 231.6% in the 1st quarter. Royal Bank of Canada now owns 2,709 shares of the technology company’s stock worth $168,000 after acquiring an additional 1,892 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of GRAVITY by 126.4% in the 2nd quarter. GAMMA Investing LLC now owns 4,252 shares of the technology company’s stock worth $286,000 after acquiring an additional 2,374 shares during the last quarter. Finally, Renaissance Technologies LLC purchased a new stake in shares of GRAVITY in the 1st quarter valued at $229,000. 9.92% of the stock is currently owned by institutional investors.

About GRAVITY

GRAVITY Co., Ltd. is a South Korean game developer and publisher founded in 2000 and headquartered in Seoul. The company develops and distributes online and mobile games, with a portfolio centered on the Ragnarok franchise. Its best-known title is the massively multiplayer online role-playing game Ragnarok Online. The franchise also includes mobile and online games such as Ragnarok M: Eternal Love, Ragnarok Origin and Ragnarok X: Next Generation. GRAVITY serves players in South Korea and international markets through its own operations, subsidiaries and publishing or licensing partners.