Motorsport Games Inc. (NASDAQ:MSGM) Sees Significant Growth in Short Interest

Motorsport Games Inc. (NASDAQ:MSGM) saw a large increase in short interest in September. As of September 15th, there was short interest totaling 101,569 shares, an increase of 99.1% from the August 31st total of 51,017 shares. Based on an average daily volume of 160,505 shares, the short-interest ratio is presently 0.6 days. Currently, 2.6% of the company’s stock are short sold.

Insider Activity

In related news, major shareholder Red Oak Partners, Llc acquired 23,143 shares of the business’s stock in a transaction dated Thursday, August 20th. The stock was bought at an average price of $3.86 per share, with a total value of $89,331.98. Following the acquisition, the insider owned 333,410 shares in the company, valued at $1,286,962.60. This represents a 7.46% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In the last quarter, insiders purchased 85,516 shares of company stock worth $336,391. Corporate insiders own 4.59% of the company’s stock.

Institutional Trading of Motorsport Games

An institutional investor recently raised its stake in Motorsport Games stock. Renaissance Technologies LLC raised its stake in Motorsport Games Inc. (NASDAQ:MSGM) by 43.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 27,600 shares of the company’s stock after acquiring an additional 8,400 shares during the quarter. Renaissance Technologies LLC owned about 0.48% of Motorsport Games worth $113,000 at the end of the most recent reporting period. Institutional investors and hedge funds own 1.66% of the company’s stock.

Motorsport Games Stock Performance

Shares of MSGM stock traded up $0.33 during trading on Wednesday, reaching $4.87. 120,004 shares of the company’s stock were exchanged, compared to its average volume of 79,969. Motorsport Games has a twelve month low of $2.11 and a twelve month high of $5.56. The firm’s fifty day moving average price is $4.29 and its 200-day moving average price is $4.27. The company has a quick ratio of 1.85, a current ratio of 1.85 and a debt-to-equity ratio of 0.23. The stock has a market capitalization of $20.33 million, a PE ratio of 11.33, a PEG ratio of 0.59 and a beta of 1.71.

Motorsport Games (NASDAQ:MSGM) last announced its quarterly earnings results on Friday, August 14th. The company reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.17. Motorsport Games had a return on equity of 41.13% and a net margin of 16.15%.The business had revenue of $3.54 million during the quarter, compared to the consensus estimate of $2.90 million. As a group, sell-side analysts anticipate that Motorsport Games will post 0.3 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on MSGM shares. Weiss Ratings upgraded shares of Motorsport Games from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, September 11th. Wall Street Zen raised shares of Motorsport Games to a “buy” rating in a research report on Saturday. Finally, Zacks Research upgraded shares of Motorsport Games from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 31st. One equities research analyst has rated the stock with a Strong Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Buy”.

Motorsport Games Company Profile

Motorsport Games Inc is a video game developer and publisher focused on racing and motorsport entertainment. The company creates and distributes interactive experiences based on licensed racing series, teams and events, with products designed for console and personal computer platforms.

Its portfolio has included the NASCAR Heat franchise, NASCAR 21: Ignition and titles associated with the 24 Hours of Le Mans and other major racing championships. Motorsport Games also owns Studio 397, the developer of the rFactor 2 racing simulation platform, and has published Le Mans Ultimate, an officially licensed endurance-racing game.

The company distributes its games internationally through digital storefronts and other retail channels, serving players across North America, Europe and additional global markets.