GameStop Corp. (NYSE:GME – Get Free Report)’s share price fell 4% during trading on Thursday after Wedbush lowered their price target on the stock from $6.00 to $5.60. Wedbush currently has an underperform rating on the stock. GameStop traded as low as $12.61 and last traded at $12.64. 3,937,563 shares changed hands during mid-day trading, an increase of 9% from the average session volume of 3,617,850 shares. The stock had previously closed at $13.17.
Separately, StockNews.com raised GameStop from a “sell” rating to a “hold” rating in a report on Wednesday.
Hedge Funds Weigh In On GameStop
Large investors have recently made changes to their positions in the business. C M Bidwell & Associates Ltd. bought a new stake in shares of GameStop in the second quarter valued at approximately $36,000. Covestor Ltd boosted its holdings in GameStop by 323.2% during the first quarter. Covestor Ltd now owns 237 shares of the company’s stock worth $39,000 after buying an additional 181 shares during the last quarter. IFP Advisors Inc lifted its holdings in shares of GameStop by 99.7% during the 3rd quarter. IFP Advisors Inc now owns 2,708 shares of the company’s stock valued at $45,000 after purchasing an additional 1,352 shares in the last quarter. Fifth Third Bancorp raised its position in GameStop by 175.6% in the 3rd quarter. Fifth Third Bancorp now owns 2,855 shares of the company’s stock valued at $47,000 after buying an additional 1,819 shares during the last quarter. Finally, Canada Pension Plan Investment Board acquired a new position in shares of GameStop during the 1st quarter worth approximately $50,000. Institutional investors and hedge funds own 29.21% of the company’s stock.
GameStop Price Performance
The company has a 50 day moving average price of $14.26 and a 200 day moving average price of $14.89. The company has a market capitalization of $3.82 billion, a P/E ratio of 626.31 and a beta of -0.42. The company has a current ratio of 1.65, a quick ratio of 0.94 and a debt-to-equity ratio of 0.02.
GameStop (NYSE:GME – Get Free Report) last released its earnings results on Tuesday, March 26th. The company reported $0.22 earnings per share for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.07). GameStop had a net margin of 0.13% and a return on equity of 1.37%. The company had revenue of $1.79 billion for the quarter, compared to the consensus estimate of $2.05 billion. During the same quarter in the previous year, the company posted $0.16 earnings per share. The business’s revenue was down 19.4% compared to the same quarter last year. On average, equities analysts predict that GameStop Corp. will post 0.04 EPS for the current fiscal year.
About GameStop
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.