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

Allied Gaming & Entertainment Inc. (NASDAQ:AGAE) saw a significant drop in short interest in 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. Approximately 9.5% of the shares of the company are short sold. Based on an average trading volume of 14,398,618 shares, the days-to-cover ratio is currently 0.2 days.

Allied Gaming & Entertainment Trading Up 1.3%

Shares of AGAE opened at $0.40 on Friday. Allied Gaming & Entertainment has a 12 month low of $0.25 and a 12 month high of $3.79. The stock’s 50 day moving average is $0.39 and its two-hundred day moving average is $0.39. The firm has a market cap of $15.18 million, a P/E ratio of -0.75 and a beta of 2.35.

Wall Street Analysts Forecast Growth

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

Institutional Trading of Allied Gaming & Entertainment

Several institutional investors have recently bought and sold shares of the business. Renaissance Technologies LLC grew its holdings in Allied Gaming & Entertainment by 84.1% in the first quarter. Renaissance Technologies LLC now owns 127,392 shares of the company’s stock valued at $35,000 after purchasing an additional 58,200 shares during the period. Corient Private Wealth LLC acquired a new stake in Allied Gaming & Entertainment in the fourth quarter valued at approximately $262,000. XTX Topco Ltd acquired a new stake in Allied Gaming & Entertainment in the fourth quarter valued at approximately $26,000. Susquehanna International Group LLP acquired a new stake in Allied Gaming & Entertainment in the third quarter valued at approximately $90,000. Finally, Virtu Financial LLC acquired a new stake in Allied Gaming & Entertainment in the third quarter valued at approximately $27,000. 3.21% of the stock is owned by institutional investors and hedge funds.

About Allied Gaming & Entertainment

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.