Gravity (NASDAQ:GRVY) Downgraded by BidaskClub to Strong Sell

BidaskClub cut shares of Gravity (NASDAQ:GRVY) from a sell rating to a strong sell rating in a research report report published on Tuesday, BidAskClub reports.

Separately, ValuEngine downgraded Zions Bancorporation NA from a hold rating to a sell rating in a research note on Wednesday, March 20th.

Shares of NASDAQ:GRVY opened at $43.20 on Tuesday. The company’s 50-day simple moving average is $63.71. Gravity has a 1 year low of $15.44 and a 1 year high of $96.50. The firm has a market cap of $306.96 million, a price-to-earnings ratio of 7.23 and a beta of -1.82.

Gravity (NASDAQ:GRVY) last announced its earnings results on Monday, May 13th. The technology company reported $2.50 earnings per share (EPS) for the quarter. The company had revenue of $117.60 million for the quarter. Gravity had a return on equity of 66.53% and a net margin of 13.45%.

Several institutional investors and hedge funds have recently modified their holdings of GRVY. Nordea Investment Management AB purchased a new position in Gravity in the 4th quarter valued at about $68,000. Mercer Global Advisors Inc. ADV bought a new position in shares of Gravity during the first quarter worth about $240,000. ETF Managers Group LLC lifted its position in shares of Gravity by 8.8% during the first quarter. ETF Managers Group LLC now owns 9,469 shares of the technology company’s stock worth $610,000 after purchasing an additional 769 shares during the last quarter. Acadian Asset Management LLC lifted its position in shares of Gravity by 34.6% during the first quarter. Acadian Asset Management LLC now owns 31,006 shares of the technology company’s stock worth $1,999,000 after purchasing an additional 7,968 shares during the last quarter. Finally, Handelsbanken Fonder AB bought a new position in shares of Gravity during the first quarter worth about $966,000. Hedge funds and other institutional investors own 7.36% of the company’s stock.

About Gravity

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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