Allied Gaming & Entertainment Inc. (NASDAQ:AGAE) Short Interest Up 128.5% in August

Allied Gaming & Entertainment Inc. (NASDAQ:AGAE) was the recipient of a large increase in short interest in August. As of August 31st, there was short interest totalling 235,100 shares, an increase of 128.5% from the August 15th total of 102,900 shares. Approximately 2.0% of the shares of the stock are sold short. Based on an average daily volume of 107,400 shares, the days-to-cover ratio is presently 2.2 days.

Insider Buying and Selling at Allied Gaming & Entertainment

In other news, major shareholder Roy Choi purchased 258,010 shares of the company’s stock in a transaction dated Thursday, June 27th. The stock was bought at an average cost of $1.27 per share, for a total transaction of $327,672.70. Following the purchase, the insider now owns 2,461,832 shares of the company’s stock, valued at $3,126,526.64. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In the last quarter, insiders have acquired 633,010 shares of company stock valued at $831,923. 39.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Allied Gaming & Entertainment stock. Innealta Capital LLC raised its stake in shares of Allied Gaming & Entertainment Inc. (NASDAQ:AGAE) by 100.0% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 117,582 shares of the company’s stock after purchasing an additional 58,791 shares during the period. Innealta Capital LLC owned 0.27% of Allied Gaming & Entertainment worth $119,000 at the end of the most recent quarter. Hedge funds and other institutional investors own 3.21% of the company’s stock.

Allied Gaming & Entertainment Stock Up 3.4 %

Shares of NASDAQ:AGAE opened at $1.51 on Friday. The firm has a market cap of $57.67 million, a P/E ratio of -16.78 and a beta of 1.36. Allied Gaming & Entertainment has a 12-month low of $0.61 and a 12-month high of $1.57. The business has a fifty day simple moving average of $1.34 and a 200 day simple moving average of $1.05.

Allied Gaming & Entertainment (NASDAQ:AGAE) last announced its earnings results on Monday, August 19th. The company reported ($0.09) earnings per share (EPS) for the quarter. The company had revenue of $2.64 million for the quarter. Allied Gaming & Entertainment had a negative return on equity of 7.27% and a negative net margin of 79.30%.

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.