GCL Global Holdings Ltd. (NASDAQ:GCL) Short Interest Up 278.4% in August

GCL Global Holdings Ltd. (NASDAQ:GCL) was the recipient of a significant increase in short interest in the month of August. As of August 31st, there was short interest totaling 314,353 shares, an increase of 278.4% from the August 15th total of 83,075 shares. Approximately 0.5% of the company’s shares are short sold. Based on an average daily volume of 908,588 shares, the days-to-cover ratio is currently 0.3 days.

Analyst Ratings Changes

Separately, Weiss Ratings downgraded GCL Global from a “sell (d)” rating to a “sell (d-)” rating in a report on Thursday. One investment analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock has a consensus rating of “Sell”.

GCL Global Stock Up 6.2%

GCL traded up $0.04 on Friday, hitting $0.61. 202,874 shares of the company were exchanged, compared to its average volume of 612,540. The company has a market cap of $77.91 million, a PE ratio of -30.43 and a beta of 0.39. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.13 and a current ratio of 1.52. GCL Global has a 12 month low of $0.38 and a 12 month high of $3.20. The stock’s fifty day moving average is $0.52 and its 200-day moving average is $0.53.

GCL Global (NASDAQ:GCL) last posted its quarterly earnings results on Friday, July 31st. The company reported ($0.08) earnings per share (EPS) for the quarter. The business had revenue of $70.10 million for the quarter.

GCL Global declared that its Board of Directors has authorized a share repurchase program on Friday, August 28th that allows the company to buyback $10.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 11.6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Institutional Investors Weigh In On GCL Global

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Geode Capital Management LLC acquired a new stake in shares of GCL Global in the second quarter valued at approximately $54,000. Two Sigma Investments LP acquired a new position in GCL Global during the third quarter worth about $42,000. XTX Topco Ltd lifted its holdings in shares of GCL Global by 361.2% in the fourth quarter. XTX Topco Ltd now owns 48,682 shares of the company’s stock worth $52,000 after acquiring an additional 38,127 shares during the last quarter. Finally, Citadel Advisors LLC boosted its stake in shares of GCL Global by 54.4% in the 3rd quarter. Citadel Advisors LLC now owns 55,939 shares of the company’s stock valued at $139,000 after purchasing an additional 19,699 shares in the last quarter. Institutional investors and hedge funds own 36.55% of the company’s stock.

GCL Global Company Profile

GCL Global Enterprises, Inc (NASDAQ: GCL) is a U.S.-based provider of residential and commercial restoration, remodeling and reconstruction services. The company specializes in water damage remediation, mold mitigation, fire and smoke damage restoration, storm and disaster recovery, and general contracting work. Through a combination of proprietary processes, licensed technicians and third-party partnerships, GCL Global delivers end-to-end project management from initial assessment through final rebuild.

In addition to its core restoration business, GCL Global offers home improvement and renovation services, including flooring, painting, cabinetry and other remodeling projects.