GameStop (NYSE:GME) Shares Gap Up to $19.90

Shares of GameStop Corp. (NYSE:GME) gapped up before the market opened on Thursday . The stock had previously closed at $19.90, but opened at $20.50. GameStop shares last traded at $20.83, with a volume of 868,793 shares traded.

Analysts Set New Price Targets

A number of brokerages recently weighed in on GME. Wedbush cut their price objective on shares of GameStop from $13.50 to $11.00 and set an “underperform” rating on the stock in a research note on Wednesday, June 12th. StockNews.com upgraded shares of GameStop to a “sell” rating in a research report on Monday, August 26th.

GameStop Price Performance

The business has a 50-day simple moving average of $23.47 and a two-hundred day simple moving average of $19.62. The company has a quick ratio of 1.42, a current ratio of 2.22 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $8.23 billion, a price-to-earnings ratio of 292.88 and a beta of -0.09.

GameStop (NYSE:GME) last posted its quarterly earnings data on Friday, June 7th. The company reported ($0.12) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.03). The firm had revenue of $881.80 million during the quarter, compared to the consensus estimate of $995.30 million. GameStop had a return on equity of 1.78% and a net margin of 0.51%. The firm’s quarterly revenue was down 28.7% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.14) EPS. As a group, research analysts predict that GameStop Corp. will post 0.08 earnings per share for the current fiscal year.

Insider Activity

In related news, General Counsel Mark Haymond Robinson sold 2,215 shares of the 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 sale, the general counsel now directly owns 48,408 shares of the company’s stock, valued at $1,274,582.64. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, Director Lawrence Cheng purchased 4,140 shares of the company’s stock in a transaction that occurred on Monday, July 8th. The shares were purchased at an average price of $24.85 per share, with a total value of $102,879.00. Following the purchase, the director now owns 69,228 shares of the company’s stock, valued at approximately $1,720,315.80. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Mark Haymond Robinson sold 2,215 shares of the business’s stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $26.33, for a total value of $58,320.95. Following the sale, 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. In the last quarter, insiders sold 3,183 shares of company stock worth $81,001. Corporate insiders own 12.28% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in GME. Cubist Systematic Strategies LLC purchased a new position in GameStop during the 2nd quarter worth approximately $9,577,000. Renaissance Technologies LLC grew its holdings 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 buying an additional 342,178 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in 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 buying an additional 289,947 shares during the period. Van ECK Associates Corp lifted its stake in GameStop by 14.2% in the 2nd quarter. Van ECK Associates Corp now owns 1,689,052 shares of the company’s stock worth $41,702,000 after acquiring an additional 209,861 shares in the last quarter. Finally, Vanguard Group Inc. boosted its position in GameStop by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 25,450,256 shares of the company’s stock worth $446,143,000 after acquiring an additional 167,145 shares during the period. 29.21% of the stock is owned by hedge funds and other institutional investors.

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.