Short Interest in Allied Gaming & Entertainment Inc. (NASDAQ:AGAE) Declines By 24.1%

Allied Gaming & Entertainment Inc. (NASDAQ:AGAE) was the target of a large drop in short interest in September. As of September 30th, there was short interest totalling 150,400 shares, a drop of 24.1% from the September 15th total of 198,100 shares. Approximately 1.3% of the shares of the stock are short sold. Based on an average daily volume of 53,800 shares, the short-interest ratio is currently 2.8 days.

Allied Gaming & Entertainment Stock Performance

AGAE stock opened at $1.21 on Tuesday. The stock’s 50 day moving average price is $1.31 and its 200 day moving average price is $1.10. The firm has a market cap of $55.07 million, a P/E ratio of -13.44 and a beta of 1.35. 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 earnings results on Monday, August 19th. The company reported ($0.09) earnings per share for the quarter. The firm had revenue of $2.64 million during the quarter. Allied Gaming & Entertainment had a negative net margin of 79.30% and a negative return on equity of 7.27%.

Hedge Funds Weigh In On Allied Gaming & Entertainment

A hedge fund recently raised its stake in Allied Gaming & Entertainment stock. Innealta Capital LLC lifted its holdings in Allied Gaming & Entertainment Inc. (NASDAQ:AGAE) by 100.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 117,582 shares of the company’s stock after acquiring an additional 58,791 shares during the period. Innealta Capital LLC owned approximately 0.27% of Allied Gaming & Entertainment worth $119,000 as of its most recent SEC filing. 3.21% of the stock is owned by institutional investors.

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.