GCL Global (NASDAQ:GCL) Shares Down 11.8% – Here’s What Happened

Shares of GCL Global Holdings Ltd. (NASDAQ:GCL) traded down 11.8% during trading on Wednesday . The company traded as low as $0.45 and last traded at $0.4584. 455,527 shares changed hands during mid-day trading, a decline of 95% from the average session volume of 8,421,614 shares. The stock had previously closed at $0.52.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a “sell (d)” rating on shares of GCL Global in a research note on Tuesday, April 21st. One investment analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company has an average rating of “Sell”.

GCL Global Trading Down 11.8%

The business’s 50 day simple moving average is $0.55 and its 200-day simple moving average is $0.83. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.31 and a quick ratio of 0.84. The stock has a market capitalization of $55.90 million, a P/E ratio of -22.92 and a beta of 0.33.

Hedge Funds Weigh In On GCL Global

Several hedge funds have recently added to or reduced their stakes in the stock. XTX Topco Ltd lifted its stake in GCL Global by 361.2% in the fourth quarter. XTX Topco Ltd now owns 48,682 shares of the company’s stock valued at $52,000 after buying an additional 38,127 shares during the period. Citadel Advisors LLC increased its stake in GCL Global by 54.4% in the third 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. Two Sigma Investments LP bought a new stake in GCL Global in the third quarter valued at approximately $42,000. Finally, Geode Capital Management LLC bought a new stake in GCL Global in the second quarter valued at approximately $54,000. Institutional investors and hedge funds own 36.55% of the company’s stock.

About GCL Global

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.