StockNews.com Downgrades Gravity (NASDAQ:GRVY) to Hold

Gravity (NASDAQ:GRVY) was downgraded by investment analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.

Gravity Trading Down 0.8 %

Shares of NASDAQ:GRVY opened at $83.55 on Wednesday. The business has a 50-day moving average price of $73.73 and a 200 day moving average price of $71.84. The company has a market capitalization of $580.67 million, a price-to-earnings ratio of 6.32 and a beta of 1.20. Gravity has a 12-month low of $59.00 and a 12-month high of $88.85.

Gravity (NASDAQ:GRVY) last issued its quarterly earnings data on Thursday, May 9th. The technology company reported $2.87 earnings per share (EPS) for the quarter. The firm had revenue of $119.78 million during the quarter. Gravity had a return on equity of 46.65% and a net margin of 16.96%.

Hedge Funds Weigh In On Gravity

A number of hedge funds and other institutional investors have recently bought and sold shares of GRVY. New York State Common Retirement Fund boosted its holdings in Gravity by 78.9% during the 3rd quarter. New York State Common Retirement Fund now owns 2,184 shares of the technology company’s stock valued at $151,000 after acquiring an additional 963 shares during the period. Acadian Asset Management LLC boosted its holdings in Gravity by 124.1% during the 3rd quarter. Acadian Asset Management LLC now owns 157,738 shares of the technology company’s stock valued at $10,858,000 after acquiring an additional 87,354 shares during the period. O Shaughnessy Asset Management LLC boosted its holdings in Gravity by 6.7% during the 3rd quarter. O Shaughnessy Asset Management LLC now owns 23,809 shares of the technology company’s stock valued at $1,643,000 after acquiring an additional 1,501 shares during the period. Quadrature Capital Ltd purchased a new position in shares of Gravity in the 3rd quarter valued at about $900,000. Finally, DGS Capital Management LLC purchased a new position in shares of Gravity in the 4th quarter valued at about $273,000. 9.92% of the stock is currently owned by hedge funds and other institutional investors.

About Gravity

Gravity Co, Ltd. develops and publishes online and mobile games in South Korea, Taiwan, Thailand, and the United States. The company offers a massively multiplayer online role-playing game, including Ragnarok Online, Dragonica, Ragnarok Online II, and Ragnarok Prequel II. Its mobile games portfolio includes Ragnarok M: Eternal Love; Ragnarok Origin; Ragnarok X: Next Generation; the Labyrinth of Ragnarok; Ragnarok Poring Merge; Tera Classic; Ragnarok: The Lost Memories; Sadako M; NBA: Rise To Stardom; Milkmaid Of The Milky Way; and Paladog Tactics.