Short Interest in Motorsport Games Inc. (NASDAQ:MSGM) Drops By 16.6%

Motorsport Games Inc. (NASDAQ:MSGM) saw a significant drop in short interest in the month of July. As of July 15th, there was short interest totalling 29,600 shares, a drop of 16.6% from the June 30th total of 35,500 shares. Based on an average trading volume of 185,000 shares, the days-to-cover ratio is currently 0.2 days. Currently, 2.4% of the company’s shares are sold short.

Institutional Trading of Motorsport Games

An institutional investor recently bought a new position in Motorsport Games stock. Clarity Capital Partners LLC purchased a new position in Motorsport Games Inc. (NASDAQ:MSGM) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 25,100 shares of the company’s stock, valued at approximately $78,000. Clarity Capital Partners LLC owned about 0.73% of Motorsport Games as of its most recent SEC filing. 1.66% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, Canaccord Genuity Group restated a “hold” rating and issued a $5.00 price objective on shares of Motorsport Games in a report on Thursday, July 11th.

Motorsport Games Price Performance

MSGM traded down $0.28 on Tuesday, hitting $1.68. The company had a trading volume of 31,152 shares, compared to its average volume of 184,344. The stock has a fifty day simple moving average of $2.38 and a 200-day simple moving average of $2.44. The firm has a market capitalization of $5.75 million, a P/E ratio of -0.48 and a beta of 2.04. Motorsport Games has a 52-week low of $1.66 and a 52-week high of $8.71.

Motorsport Games (NASDAQ:MSGM) last released its quarterly earnings results on Tuesday, May 7th. The company reported ($0.60) earnings per share for the quarter. The firm had revenue of $3.03 million for the quarter. Motorsport Games had a negative net margin of 116.76% and a negative return on equity of 318.81%.

Motorsport Games Company Profile

Motorsport Games Inc develops and publishes multi-platform racing video games in the United States. It operates through Gaming and Esports segments. The company offers rFactor 2, a realistic racing simulation game; NASCAR Heat Mobile, a racing experience for mobile devices; NASCAR Heat 3, NASCAR Heat 4, NASCAR Heat 5, NASCAR Heat Ultimate Edition, and NASCAR 21: Ignition, which are racing video games; KartKraft, a kart racing simulator; NASCAR Rivals, a racing video game; and Le Mans Ultimate, a official game of the FIA World Endurance Championship and 24 Hours of Le Mans.