Short Interest in Allied Gaming & Entertainment Inc. (NASDAQ:AGAE) Increases By 9.5%

Allied Gaming & Entertainment Inc. (NASDAQ:AGAE) was the target of a significant increase in short interest in the month of July. As of July 15th, there was short interest totalling 227,300 shares, an increase of 9.5% from the June 30th total of 207,600 shares. Based on an average daily volume of 93,800 shares, the short-interest ratio is currently 2.4 days. Approximately 1.2% of the company’s shares are sold short.

Insider Activity

In other Allied Gaming & Entertainment news, major shareholder Roy Choi purchased 140,000 shares of the firm’s stock in a transaction on Tuesday, July 9th. The shares were purchased at an average cost of $1.47 per share, with a total value of $205,800.00. Following the purchase, the insider now owns 3,011,822 shares in the company, valued at $4,427,378.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders acquired a total of 633,010 shares of company stock valued at $831,923 over the last quarter. Company insiders own 39.40% of the company’s stock.

Institutional Trading of Allied Gaming & Entertainment

A hedge fund recently raised its stake 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 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm 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 quarter. 3.21% of the stock is owned by hedge funds and other institutional investors.

Allied Gaming & Entertainment Stock Up 9.3 %

NASDAQ:AGAE opened at $1.53 on Thursday. Allied Gaming & Entertainment has a fifty-two week low of $0.61 and a fifty-two week high of $1.57. The firm’s 50 day moving average is $1.08 and its two-hundred day moving average is $1.00. The company has a market cap of $69.64 million, a P/E ratio of -17.00 and a beta of 1.49.

Allied Gaming & Entertainment (NASDAQ:AGAE) last issued its earnings results on Monday, May 20th. The company reported ($0.04) earnings per share for the quarter. The firm had revenue of $2.38 million during the quarter. Allied Gaming & Entertainment had a negative net margin of 38.47% and a negative return on equity of 3.84%.

About Allied Gaming & Entertainment

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.