Allied Gaming & Entertainment Inc. (NASDAQ:AGAE) Short Interest Down 69.0% in April

Allied Gaming & Entertainment Inc. (NASDAQ:AGAE) was the recipient of a large drop in short interest during the month of April. As of April 30th, there was short interest totaling 2,354,503 shares, a drop of 69.0% from the April 15th total of 7,607,104 shares. Based on an average daily volume of 14,398,618 shares, the short-interest ratio is currently 0.2 days. Currently, 9.5% of the company’s shares are short sold.

Hedge Funds Weigh In On Allied Gaming & Entertainment

Several hedge funds and other institutional investors have recently added to or reduced their stakes in AGAE. Geode Capital Management LLC boosted its position in Allied Gaming & Entertainment by 14.4% in the 2nd quarter. Geode Capital Management LLC now owns 244,608 shares of the company’s stock valued at $634,000 after buying an additional 30,706 shares during the period. Virtu Financial LLC purchased a new stake in shares of Allied Gaming & Entertainment during the 3rd quarter worth $27,000. Susquehanna International Group LLP purchased a new stake in shares of Allied Gaming & Entertainment during the 3rd quarter worth $90,000. XTX Topco Ltd purchased a new stake in shares of Allied Gaming & Entertainment during the 4th quarter worth $26,000. Finally, Corient Private Wealth LLC purchased a new stake in shares of Allied Gaming & Entertainment during the 4th quarter worth $262,000. Hedge funds and other institutional investors own 3.21% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Weiss Ratings upgraded shares of Allied Gaming & Entertainment from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, April 21st. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the stock has a consensus rating of “Sell”.

Allied Gaming & Entertainment Stock Down 6.8%

Shares of AGAE stock opened at $0.37 on Thursday. Allied Gaming & Entertainment has a 52 week low of $0.25 and a 52 week high of $3.79. The stock has a market capitalization of $14.06 million, a PE ratio of -0.69 and a beta of 2.35. The firm has a 50 day moving average of $0.38 and a two-hundred day moving average of $0.39.

Allied Gaming & Entertainment Company Profile

Allied Gaming & Entertainment, Inc is a digital media and technology company focused on the development, production and distribution of live amateur sports content in the United States. The company’s flagship InPlay Sports division secures rights to high school and collegiate athletic events and streams those competitions across linear and digital channels. Through strategic partnerships with regional school conferences and venues, Allied Gaming aims to expand the reach of under-served amateur athletics audiences while creating new content monetization opportunities.

Allied’s content portfolio spans live event coverage, on-demand highlights and studio productions designed for distribution on television, web and mobile platforms.