GameStop (NYSE:GME) Stock Price Down 3.2% – Should You Sell?

GameStop Corp. (NYSE:GME)’s share price was down 3.2% during mid-day trading on Friday . The stock traded as low as $29.83 and last traded at $29.90. Approximately 2,623,013 shares traded hands during trading, a decline of 86% from the average daily volume of 19,183,193 shares. The stock had previously closed at $30.89.

Wall Street Analysts Forecast Growth

GME has been the topic of a number of recent research reports. StockNews.com raised GameStop to a “sell” rating in a research note on Saturday, October 19th. Wedbush reduced their price objective on GameStop from $11.00 to $10.00 and set an “underperform” rating on the stock in a research report on Wednesday, September 11th.

GameStop Trading Down 6.0 %

The company has a market capitalization of $12.39 billion, a price-to-earnings ratio of 223.46 and a beta of -0.13. The company’s 50 day simple moving average is $23.77 and its 200-day simple moving average is $23.87.

GameStop (NYSE:GME) last announced its earnings results on Tuesday, September 10th. The company reported $0.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.09. The firm had revenue of $798.30 million for the quarter, compared to analyst estimates of $895.67 million. GameStop had a net margin of 0.93% and a return on equity of 1.79%. GameStop’s revenue was down 31.4% compared to the same quarter last year. During the same quarter last year, the business earned ($0.03) earnings per share. Sell-side analysts anticipate that GameStop Corp. will post 0.01 EPS for the current year.

Insider Transactions at GameStop

In related news, General Counsel Mark Haymond Robinson sold 11,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 10th. The shares were sold at an average price of $20.82, for a total value of $229,020.00. Following the sale, the general counsel now directly owns 43,927 shares of the company’s stock, valued at approximately $914,560.14. This trade represents a 20.03 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Daniel William Moore sold 2,376 shares of the company’s stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $21.50, for a total transaction of $51,084.00. Following the transaction, the insider now directly owns 34,904 shares of the company’s stock, valued at $750,436. This trade represents a 6.37 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 22,639 shares of company stock worth $481,000 over the last quarter. 12.28% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State Street Corp increased its stake in GameStop by 38.0% during the third quarter. State Street Corp now owns 11,143,759 shares of the company’s stock worth $255,526,000 after acquiring an additional 3,070,571 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of GameStop by 41.8% during the 3rd quarter. Geode Capital Management LLC now owns 6,278,680 shares of the company’s stock worth $144,009,000 after purchasing an additional 1,852,088 shares during the period. Charles Schwab Investment Management Inc. increased its position in GameStop by 22.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,502,910 shares of the company’s stock worth $80,322,000 after purchasing an additional 646,488 shares in the last quarter. Van ECK Associates Corp increased its position in GameStop by 8.1% during the 3rd quarter. Van ECK Associates Corp now owns 1,825,837 shares of the company’s stock worth $41,866,000 after purchasing an additional 136,785 shares in the last quarter. Finally, Renaissance Technologies LLC raised its holdings in GameStop by 34.0% in 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 during the period. Institutional investors and hedge funds own 29.21% of the company’s stock.

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.