Short Interest in GAN Limited (NASDAQ:GAN) Drops By 54.0%

GAN Limited (NASDAQ:GAN) was the recipient of a large decline in short interest during the month of March. As of March 15th, there was short interest totalling 56,800 shares, a decline of 54.0% from the February 28th total of 123,600 shares. Based on an average daily volume of 232,400 shares, the short-interest ratio is presently 0.2 days. Approximately 0.1% of the shares of the stock are sold short.

GAN Stock Performance

GAN stock remained flat at $1.78 on Friday. The company had a trading volume of 123,202 shares, compared to its average volume of 176,055. The firm’s 50-day moving average price is $1.80 and its two-hundred day moving average price is $1.81. The company has a market capitalization of $81.52 million, a P/E ratio of -5.93 and a beta of 1.96. GAN has a 12-month low of $1.17 and a 12-month high of $1.90.

GAN (NASDAQ:GAN) last issued its quarterly earnings data on Monday, March 17th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.01). The firm had revenue of $31.69 million during the quarter, compared to analyst estimates of $41.11 million. During the same quarter in the prior year, the company earned ($0.21) EPS.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GAN. CSS LLC IL acquired a new position in shares of GAN in the fourth quarter valued at approximately $439,000. Black Maple Capital Management LP purchased a new stake in GAN in the 4th quarter worth approximately $1,034,000. Jane Street Group LLC acquired a new position in GAN in the 4th quarter valued at $55,000. Credit Industriel ET Commercial purchased a new position in shares of GAN during the 4th quarter worth $1,009,000. Finally, Cigogne Management SA purchased a new position in shares of GAN during the 4th quarter worth $2,358,000. 16.67% of the stock is currently owned by hedge funds and other institutional investors.

About GAN

GAN Limited operates as a business-to-business (B2B) supplier of enterprise software-as-a-service solutions to online casino gaming and sports betting applications in the United States, Europe, Latin America, and internationally. It operates through two segments: B2B and B2C. The company provides and licenses GameSTACK, an internet gaming platform that provides turnkey technology solution for regulated real-money internet gambling, online sports betting, and virtual simulated gaming.