Allied Gaming & Entertainment Inc. (NASDAQ:AGAE) Short Interest Up 128.5% in August

Allied Gaming & Entertainment Inc. (NASDAQ:AGAE) was the recipient of a large increase in short interest during the month of August. As of August 31st, there was short interest totalling 235,100 shares, an increase of 128.5% from the August 15th total of 102,900 shares. Based on an average daily volume of 107,400 shares, the days-to-cover ratio is presently 2.2 days. Approximately 2.0% of the company’s shares are sold short.

Insiders Place Their Bets

In other Allied Gaming & Entertainment news, major shareholder Roy Choi bought 140,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 9th. The shares were bought at an average price of $1.47 per share, for a total transaction of $205,800.00. Following the transaction, the insider now directly owns 3,011,822 shares in the company, valued at $4,427,378.34. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In the last 90 days, insiders bought 633,010 shares of company stock worth $831,923. 39.40% of the stock is currently owned by insiders.

Institutional Trading of Allied Gaming & Entertainment

An institutional investor recently raised its position in Allied Gaming & Entertainment stock. Innealta Capital LLC grew its holdings in shares of Allied Gaming & Entertainment Inc. (NASDAQ:AGAE) by 100.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 117,582 shares of the company’s stock after buying an additional 58,791 shares during the quarter. Innealta Capital LLC owned 0.27% of Allied Gaming & Entertainment worth $119,000 at the end of the most recent reporting period. Hedge funds and other institutional investors own 3.21% of the company’s stock.

Allied Gaming & Entertainment Price Performance

AGAE stock opened at $1.51 on Friday. The company’s 50-day moving average is $1.34 and its 200-day moving average is $1.05. The stock has a market capitalization of $57.67 million, a PE ratio of -16.78 and a beta of 1.36. Allied Gaming & Entertainment has a 1 year low of $0.61 and a 1 year high of $1.57.

Allied Gaming & Entertainment (NASDAQ:AGAE) last announced its quarterly earnings results on Monday, August 19th. The company reported ($0.09) earnings per share (EPS) for the quarter. Allied Gaming & Entertainment had a negative return on equity of 7.27% and a negative net margin of 79.30%. The firm had revenue of $2.64 million during the quarter.

Allied Gaming & Entertainment Company Profile

Allied Gaming & Entertainment Inc provides entertainment and gaming products worldwide. It operates esports properties to connect players and fans through a network of connected arenas; a flagship gaming arena located at the Luxor Hotel in Las Vegas, Nevada; a mobile esports truck that serves as a battleground and content generation hub; and a studio for recording and streaming gaming events.