Allied Gaming & Entertainment (NASDAQ:AIFA) Shares Cross Above 50-Day Moving Average – Here’s Why

Allied Gaming & Entertainment Inc. (NASDAQ:AIFA) passed above its 50-day moving average during trading on Tuesday. The stock has a 50-day moving average of $4.00 and traded as high as $4.14. Allied Gaming & Entertainment shares last traded at $4.03, with a volume of 161,425 shares changing hands.

Analyst Ratings Changes

AIFA has been the topic of a number of recent research reports. Wall Street Zen raised shares of Allied Gaming & Entertainment to a “hold” rating in a research report on Saturday, October 17th. Weiss Ratings reissued a “sell (d-)” rating on shares of Allied Gaming & Entertainment in a research report on Thursday, October 15th. One investment analyst has rated the stock with a Sell rating. According to MarketBeat, the stock presently has a consensus rating of “Sell”.

Allied Gaming & Entertainment Stock Performance

The stock has a market capitalization of $25.87 million, a price-to-earnings ratio of -0.89 and a beta of 2.53. The firm has a fifty day moving average of $4.00 and a 200-day moving average of $2.69.

Allied Gaming & Entertainment (NASDAQ:AIFA) last issued its quarterly earnings data on Friday, August 14th. The company reported ($0.09) EPS for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.03. Allied Gaming & Entertainment had a negative return on equity of 67.15% and a negative net margin of 438.98%. The company had revenue of $1.25 million for the quarter, compared to analysts’ expectations of $0.50 million.

Institutional Investors Weigh In On Allied Gaming & Entertainment

A hedge fund recently raised its position in Allied Gaming & Entertainment stock. Renaissance Technologies LLC increased its stake in shares of Allied Gaming & Entertainment Inc. (NASDAQ:AIFA) by 84.1% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 127,392 shares of the company’s stock after acquiring an additional 58,200 shares during the period. Renaissance Technologies LLC owned approximately 0.34% of Allied Gaming & Entertainment worth $35,000 at the end of the most recent reporting period. Institutional investors and hedge funds own 3.21% of the company’s stock.

About Allied Gaming & Entertainment

Allied Gaming & Entertainment Inc is an entertainment company focused on esports and gaming experiences. Through its Allied Esports business, the company develops and operates esports venues, produces gaming-related content, and organizes live tournaments, competitions, and other interactive events.

The company’s activities have included the operation of dedicated esports arenas, mobile esports facilities, production studios, and digital media initiatives designed to connect players, fans, brands, and game publishers.