GRAVITY (NASDAQ:GRVY) Stock Price Crosses Above 50-Day Moving Average – Here’s Why

GRAVITY Co., Ltd. (NASDAQ:GRVY) shares passed above its 50-day moving average during trading on Friday . The stock has a 50-day moving average of $57.61 and traded as high as $57.80. GRAVITY shares last traded at $57.70, with a volume of 4,500 shares traded.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a “hold (c)” rating on shares of GRAVITY in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Hold”.

GRAVITY Stock Up 1.3%

The company’s 50 day simple moving average is $57.61 and its 200-day simple moving average is $61.39. The firm has a market cap of $401.02 million, a P/E ratio of 7.28 and a beta of 0.98.

GRAVITY (NASDAQ:GRVY) last released its earnings results on Friday, November 7th. The technology company reported $2.04 EPS for the quarter. GRAVITY had a return on equity of 16.39% and a net margin of 16.84%.The firm had revenue of $98.92 million for the quarter.

Institutional Trading of GRAVITY

Large investors have recently made changes to their positions in the stock. Parallel Advisors LLC increased its stake in GRAVITY by 160.9% in the 2nd quarter. Parallel Advisors LLC now owns 467 shares of the technology company’s stock worth $30,000 after buying an additional 288 shares during the period. GAMMA Investing LLC grew its stake in GRAVITY by 120.8% in 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 in the last quarter. Quadrant Capital Group LLC purchased a new position in shares of GRAVITY during the third quarter worth approximately $78,000. Bank of America Corp DE raised its stake in shares of GRAVITY by 11.3% during the second 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 in the last quarter. Finally, Charles Schwab Investment Management Inc. purchased a new stake in shares of GRAVITY in the first quarter valued at approximately $212,000. 9.92% of the stock is owned by hedge funds and other institutional investors.

About GRAVITY

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.