Allied Gaming & Entertainment Inc. (NASDAQ:AIFA) Sees Significant Decline in Short Interest

Allied Gaming & Entertainment Inc. (NASDAQ:AIFA) was the recipient of a large decline in short interest in June. As of June 15th, there was short interest totaling 210,172 shares, a decline of 87.1% from the May 31st total of 1,630,875 shares. Based on an average daily volume of 105,957 shares, the days-to-cover ratio is presently 2.0 days. Currently, 5.1% of the company’s stock are short sold.

Allied Gaming & Entertainment Stock Down 2.1%

AIFA stock opened at $2.35 on Friday. The stock has a market cap of $14.99 million, a P/E ratio of -0.46 and a beta of 2.29. Allied Gaming & Entertainment has a twelve month low of $1.51 and a twelve month high of $19.20. The business’s 50-day moving average price is $2.84 and its 200-day moving average price is $2.28.

Allied Gaming & Entertainment (NASDAQ:AIFA) last posted its quarterly earnings results on Monday, June 15th. The company reported ($0.83) earnings per share for the quarter. Allied Gaming & Entertainment had a negative return on equity of 69.97% and a negative net margin of 456.92%.The business had revenue of $1.55 million during the quarter.

Hedge Funds Weigh In On Allied Gaming & Entertainment

A number of institutional investors and hedge funds have recently modified their holdings of AIFA. Corient Private Wealth LLC purchased a new stake in shares of Allied Gaming & Entertainment in the fourth quarter worth approximately $262,000. Geode Capital Management LLC grew its position in shares of Allied Gaming & Entertainment by 14.4% during the 2nd quarter. Geode Capital Management LLC now owns 244,608 shares of the company’s stock worth $634,000 after buying an additional 30,706 shares in the last quarter. Renaissance Technologies LLC grew its position in shares of Allied Gaming & Entertainment by 84.1% during the 1st quarter. Renaissance Technologies LLC now owns 127,392 shares of the company’s stock worth $35,000 after buying an additional 58,200 shares in the last quarter. Susquehanna International Group LLP purchased a new position in shares of Allied Gaming & Entertainment during the third quarter valued at $90,000. Finally, XTX Topco Ltd purchased a new position in shares of Allied Gaming & Entertainment during the fourth quarter valued at $26,000. Hedge funds and other institutional investors own 3.21% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on AIFA shares. Wall Street Zen raised shares of Allied Gaming & Entertainment from a “strong sell” rating to a “sell” rating in a research report on Sunday, June 21st. Weiss Ratings raised shares of Allied Gaming & Entertainment from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, April 21st. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock presently has an average rating of “Sell”.

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.