GameStop (NYSE:GME) Trading 4.1% Higher – Here’s What Happened

GameStop Corp. (NYSE:GME)’s stock price was up 4.1% during mid-day trading on Friday . The company traded as high as $21.55 and last traded at $21.97. Approximately 2,006,746 shares were traded during trading, a decline of 90% from the average daily volume of 20,024,398 shares. The stock had previously closed at $21.10.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. StockNews.com upgraded shares of GameStop from a “sell” rating to a “hold” rating in a research report on Thursday, March 27th. Wedbush set a $11.50 target price on shares of GameStop in a report on Wednesday, March 26th.

GameStop Price Performance

The business has a fifty day moving average price of $24.83 and a two-hundred day moving average price of $25.73. The firm has a market cap of $10.44 billion, a PE ratio of 129.68 and a beta of -0.29.

GameStop (NYSE:GME) last released its earnings results on Tuesday, March 25th. The company reported $0.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.09 by $0.21. GameStop had a net margin of 1.45% and a return on equity of 2.11%. The company had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.48 billion. During the same quarter in the prior year, the firm earned $0.21 EPS. The company’s revenue was down 28.5% compared to the same quarter last year. As a group, sell-side analysts forecast that GameStop Corp. will post 0.08 EPS for the current fiscal year.

Insider Buying and Selling at GameStop

In related news, General Counsel Mark Haymond Robinson sold 4,687 shares of the stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $22.53, for a total transaction of $105,598.11. Following the completion of the sale, the general counsel now owns 37,663 shares in the company, valued at $848,547.39. This represents a 11.07 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Daniel William Moore sold 1,608 shares of the firm’s stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $22.53, for a total transaction of $36,228.24. Following the completion of the sale, the insider now owns 29,777 shares in the company, valued at approximately $670,875.81. The trade was a 5.12 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 12.28% of the company’s stock.

Hedge Funds Weigh In On GameStop

Several large investors have recently bought and sold shares of the stock. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of GameStop by 223.5% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 990 shares of the company’s stock worth $31,000 after purchasing an additional 684 shares during the period. New Wave Wealth Advisors LLC acquired a new stake in GameStop during the fourth quarter worth about $37,000. R Squared Ltd bought a new position in GameStop during the fourth quarter valued at about $51,000. Bessemer Group Inc. increased its stake in GameStop by 67.2% during the fourth quarter. Bessemer Group Inc. now owns 1,720 shares of the company’s stock valued at $54,000 after acquiring an additional 691 shares during the period. Finally, UMB Bank n.a. raised its holdings in GameStop by 59.9% in the 4th quarter. UMB Bank n.a. now owns 1,820 shares of the company’s stock valued at $57,000 after acquiring an additional 682 shares in the last quarter. 29.21% of the stock is currently owned by institutional investors and hedge funds.

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.