Gravity (NASDAQ:GRVY) Shares Up 9.5%

Gravity Co., LTD. (NASDAQ:GRVY) shot up 9.5% during mid-day trading on Thursday . The company traded as high as $31.48 and last traded at $31.21, 118,100 shares traded hands during trading. An increase of 94% from the average session volume of 61,023 shares. The stock had previously closed at $28.51.

A number of research firms recently issued reports on GRVY. ValuEngine downgraded shares of Gravity from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. BidaskClub downgraded shares of Gravity from a “sell” rating to a “strong sell” rating in a report on Tuesday, July 9th.

The stock has a market cap of $213.50 million, a PE ratio of 4.29 and a beta of -1.88. The firm’s 50 day moving average price is $39.95 and its two-hundred day moving average price is $57.05.

Institutional investors and hedge funds have recently bought and sold shares of the company. Public Employees Retirement System of Ohio purchased a new position in shares of Gravity in the second quarter worth about $25,000. Russell Investments Group Ltd. increased its stake in shares of Gravity by 97.5% in the second quarter. Russell Investments Group Ltd. now owns 1,827 shares of the technology company’s stock worth $86,000 after purchasing an additional 902 shares in the last quarter. Nordea Investment Management AB increased its stake in shares of Gravity by 28.0% in the first quarter. Nordea Investment Management AB now owns 2,082 shares of the technology company’s stock worth $134,000 after purchasing an additional 456 shares in the last quarter. Mercer Global Advisors Inc. ADV purchased a new position in shares of Gravity in the first quarter worth about $240,000. Finally, Envestnet Asset Management Inc. increased its stake in shares of Gravity by 18.5% in the second quarter. Envestnet Asset Management Inc. now owns 4,343 shares of the technology company’s stock worth $200,000 after purchasing an additional 679 shares in the last quarter. Hedge funds and other institutional investors own 7.45% of the company’s stock.

Gravity Company Profile (NASDAQ:GRVY)

Gravity Co, Ltd. develops, publishes, and distributes online games in South Korea, Japan, the United States, Canada, Taiwan, the Philippines, Thailand, Hong Kong, Macau, China, and internationally. It offers online games; mobile games and applications; and other games and game-related products and services, including character-based merchandise and animation.

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