GameStop Corp. (NYSE:GME) Sees Significant Drop in Short Interest

GameStop Corp. (NYSE:GME) was the target of a significant decrease in short interest during the month of August. As of August 15th, there was short interest totalling 35,970,000 shares, a decrease of 5.2% from the July 31st total of 37,930,000 shares. Based on an average daily volume of 36,410,000 shares, the days-to-cover ratio is presently 1.0 days.

Insider Activity

In other 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 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Lawrence Cheng purchased 4,140 shares of the firm’s stock in a transaction dated Monday, July 8th. The shares were acquired at an average cost of $24.85 per share, with a total value of $102,879.00. Following the completion of the purchase, the director now directly owns 69,228 shares of the company’s stock, valued at $1,720,315.80. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 sale, the general counsel now directly owns 48,408 shares in the company, valued at $1,274,582.64. The disclosure for this sale can be found here. Insiders have sold 3,183 shares of company stock valued at $81,001 over the last three months. 12.28% of the stock is owned by insiders.

Institutional Investors Weigh In On GameStop

Several hedge funds have recently bought and sold shares of the company. Texas Permanent School Fund Corp grew its position in GameStop by 1.5% in the first quarter. Texas Permanent School Fund Corp now owns 235,081 shares of the company’s stock valued at $2,943,000 after purchasing an additional 3,459 shares in the last quarter. Coatue Management LLC bought a new position in GameStop in the fourth quarter valued at $1,315,000. State of Michigan Retirement System grew its position in GameStop by 2.5% in the first quarter. State of Michigan Retirement System now owns 66,000 shares of the company’s stock valued at $826,000 after purchasing an additional 1,600 shares in the last quarter. CANADA LIFE ASSURANCE Co grew its position in GameStop by 2.9% in the first quarter. CANADA LIFE ASSURANCE Co now owns 194,764 shares of the company’s stock valued at $2,438,000 after purchasing an additional 5,411 shares in the last quarter. Finally, BNP Paribas Financial Markets grew its position in GameStop by 7.0% in the first quarter. BNP Paribas Financial Markets now owns 157,242 shares of the company’s stock valued at $1,969,000 after purchasing an additional 10,289 shares in the last quarter. 29.21% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several 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 report on Wednesday, June 12th. StockNews.com upgraded shares of GameStop to a “sell” rating in a report on Monday, August 26th.

GameStop Trading Up 8.9 %

Shares of NYSE GME opened at $23.42 on Tuesday. The company’s 50 day simple moving average is $23.47 and its 200 day simple moving average is $19.69. GameStop has a fifty-two week low of $9.95 and a fifty-two week high of $64.83. The firm has a market capitalization of $8.23 billion, a P/E ratio of 292.75 and a beta of -0.09. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.22 and a quick ratio of 1.42.

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