GCL Global Holdings Ltd. (NASDAQ:GCL – Get Free Report) shares rose 0.5% during trading on Wednesday. The company traded as high as $0.81 and last traded at $0.7873. 140,768 shares were traded during mid-day trading, an increase of 15% from the average session volume of 122,665 shares. The stock had previously closed at $0.7835.
Analyst Ratings Changes
Separately, Weiss Ratings raised shares of GCL Global from a “sell (d-)” rating to a “sell (d)” rating in a report on Tuesday, September 29th. 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”.
Read Our Latest Research Report on GCL
GCL Global Stock Up 1.6%
GCL Global (NASDAQ:GCL – Get Free Report) last released its quarterly earnings results on Friday, July 31st. The company reported ($0.08) earnings per share for the quarter. The business had revenue of $70.10 million for the quarter.
GCL Global declared that its Board of Directors has approved a stock buyback program on Friday, August 28th that allows the company to buyback $10.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 11.6% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its shares are undervalued.
Institutional Investors Weigh In On GCL Global
An institutional investor recently bought a new position in GCL Global stock. Citadel Advisors LLC bought a new position in shares of GCL Global Holdings Ltd. (NASDAQ:GCL – Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 95,620 shares of the company’s stock, valued at approximately $43,000. Citadel Advisors LLC owned approximately 0.07% of GCL Global at the end of the most recent quarter. 36.55% of the stock is owned by hedge funds and other institutional investors.
About GCL Global
GCL Global Holdings Limited is a video game and interactive entertainment company that develops, publishes and distributes digital games. Its activities include bringing video game content to consumers across platforms such as personal computers, game consoles and mobile devices, as well as supporting the commercialization and distribution of third-party titles.
The company serves international gaming markets through a combination of digital distribution, publishing and related entertainment services.
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