GameStop Corp. (NYSE:GME – Get Free Report)’s share price traded down 14.5% during mid-day trading on Wednesday after Wedbush lowered their price target on the stock from $11.00 to $10.00. Wedbush currently has an underperform rating on the stock. GameStop traded as low as $19.91 and last traded at $20.05. 6,533,993 shares changed hands during trading, a decline of 70% from the average session volume of 22,064,422 shares. The stock had previously closed at $23.45.
Separately, StockNews.com upgraded shares of GameStop to a “sell” rating in a report on Monday, August 26th.
Insider Transactions at GameStop
In related news, Director Lawrence Cheng acquired 4,140 shares of the business’s stock in a transaction dated Monday, July 8th. The shares were acquired at an average cost of $24.85 per share, for a total transaction of $102,879.00. Following the acquisition, the director now directly owns 69,228 shares in the company, valued at approximately $1,720,315.80. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other GameStop news, Director Lawrence Cheng purchased 4,140 shares of the business’s stock in a transaction that occurred on Monday, July 8th. The shares were purchased at an average price of $24.85 per share, for a total transaction of $102,879.00. Following the completion of the acquisition, the director now owns 69,228 shares of the company’s stock, valued at approximately $1,720,315.80. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel Mark Haymond Robinson sold 2,215 shares of the firm’s stock in a transaction that occurred on Thursday, June 13th. The shares were sold at an average price of $26.33, for a total transaction of $58,320.95. Following the completion of the transaction, the general counsel now owns 48,408 shares in the company, valued at approximately $1,274,582.64. The disclosure for this sale can be found here. Insiders have sold a total of 3,183 shares of company stock worth $81,001 in the last three months. Company insiders own 12.28% of the company’s stock.
Institutional Inflows and Outflows
Several hedge funds have recently bought and sold shares of GME. Cubist Systematic Strategies LLC purchased a new stake in shares of GameStop during the second quarter valued at approximately $9,577,000. Renaissance Technologies LLC raised its stake in shares of GameStop by 34.0% during the second quarter. Renaissance Technologies LLC now owns 1,347,136 shares of the company’s stock valued at $33,261,000 after purchasing an additional 342,178 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of GameStop by 12.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,606,532 shares of the company’s stock valued at $45,693,000 after purchasing an additional 289,947 shares during the period. Van ECK Associates Corp raised its stake in shares of GameStop by 14.2% during the second quarter. Van ECK Associates Corp now owns 1,689,052 shares of the company’s stock valued at $41,702,000 after purchasing an additional 209,861 shares during the period. Finally, Vanguard Group Inc. raised its stake in shares of GameStop by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 25,450,256 shares of the company’s stock valued at $446,143,000 after purchasing an additional 167,145 shares during the period. Hedge funds and other institutional investors own 29.21% of the company’s stock.
GameStop Price Performance
The company has a market cap of $7.25 billion, a PE ratio of 252.28 and a beta of -0.17. The business’s 50 day moving average price is $23.32 and its 200-day moving average price is $20.16. The company has a quick ratio of 1.42, a current ratio of 2.22 and a debt-to-equity ratio of 0.01.
GameStop (NYSE:GME – Get Free Report) last released its quarterly earnings results on Tuesday, September 10th. The company reported $0.01 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.09. GameStop had a net margin of 0.51% and a return on equity of 1.78%. The business had revenue of $798.30 million during the quarter, compared to the consensus estimate of $895.67 million. During the same quarter last year, the company earned ($0.03) earnings per share. The business’s quarterly revenue was down 31.4% compared to the same quarter last year. As a group, analysts forecast that GameStop Corp. will post 0.08 earnings per share for the current year.
GameStop Company Profile
GameStop Corp., a specialty retailer, provides games and entertainment products through its stores and ecommerce platforms in the United States, Canada, Australia, and Europe. The company sells new and pre-owned gaming platforms; accessories, such as controllers, gaming headsets, and virtual reality products; new and pre-owned gaming software; and in-game digital currency, digital downloadable content, and full-game downloads.