Gravity (NASDAQ:GRVY) Shares Pass Below 200-Day Moving Average – Here’s What Happened

Gravity Co., Ltd. (NASDAQ:GRVY)’s stock price crossed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $70.68 and traded as low as $57.37. Gravity shares last traded at $57.50, with a volume of 37,054 shares traded.

Analysts Set New Price Targets

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

Gravity Stock Performance

The stock has a market capitalization of $399.57 million, a price-to-earnings ratio of 4.35 and a beta of 1.35. The business has a fifty day simple moving average of $61.90 and a 200 day simple moving average of $70.68.

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

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Acadian Asset Management LLC grew its position in Gravity by 29.5% during the first quarter. Acadian Asset Management LLC now owns 233,515 shares of the technology company’s stock worth $17,689,000 after buying an additional 53,195 shares in the last quarter. Apis Capital Advisors LLC lifted its position in shares of Gravity by 88.9% during the 2nd quarter. Apis Capital Advisors LLC now owns 17,000 shares of the technology company’s stock valued at $1,373,000 after acquiring an additional 8,000 shares during the period. BNP Paribas Financial Markets lifted its position in shares of Gravity by 41.1% during the 1st quarter. BNP Paribas Financial Markets now owns 15,802 shares of the technology company’s stock valued at $1,199,000 after acquiring an additional 4,600 shares during the period. DGS Capital Management LLC grew its holdings in shares of Gravity by 175.5% during the 1st quarter. DGS Capital Management LLC now owns 10,803 shares of the technology company’s stock worth $820,000 after purchasing an additional 6,882 shares in the last quarter. Finally, Caprock Group LLC bought a new position in shares of Gravity in the second quarter worth $394,000. 9.92% of the stock is owned by institutional investors.

Gravity Company Profile

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.