Wedbush Reaffirms “Underperform” Rating for GameStop (NYSE:GME)

GameStop (NYSE:GME)‘s stock had its “underperform” rating reaffirmed by equities researchers at Wedbush in a research note issued on Monday,RTT News reports. They presently have a $10.00 price objective on the stock. Wedbush’s price target would suggest a potential downside of 60.58% from the company’s current price.

GameStop Price Performance

Shares of GameStop stock opened at $25.37 on Monday. The stock has a market capitalization of $11.34 billion, a P/E ratio of 140.95 and a beta of -0.29. The business has a 50 day simple moving average of $25.59 and a two-hundred day simple moving average of $25.67. GameStop has a 12 month low of $9.95 and a 12 month high of $64.83.

GameStop (NYSE:GME) last posted its quarterly earnings data on Tuesday, March 25th. The company reported $0.30 EPS for the quarter, beating the consensus estimate of $0.09 by $0.21. GameStop had a return on equity of 2.11% and a net margin of 1.45%. The firm had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.48 billion. During the same period in the prior year, the company earned $0.21 EPS. The firm’s revenue was down 28.5% compared to the same quarter last year. As a group, research analysts anticipate that GameStop will post 0.08 EPS for the current fiscal year.

Insider Buying and Selling

In other GameStop news, General Counsel Mark Haymond Robinson sold 1,577 shares of the business’s stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $31.07, for a total transaction of $48,997.39. Following the transaction, the general counsel now owns 42,350 shares of the company’s stock, valued at approximately $1,315,814.50. The trade was a 3.59 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Daniel William Moore sold 895 shares of the firm’s stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $31.07, for a total value of $27,807.65. Following the completion of the sale, the insider now directly owns 31,385 shares of the company’s stock, valued at $975,131.95. This trade represents a 2.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 12.28% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On GameStop

Institutional investors and hedge funds have recently modified their holdings of the company. California State Teachers Retirement System grew its holdings in shares of GameStop by 3.6% in the fourth quarter. California State Teachers Retirement System now owns 394,588 shares of the company’s stock valued at $12,366,000 after purchasing an additional 13,576 shares in the last quarter. United Advisor Group LLC boosted its position in GameStop by 216.8% in the 4th quarter. United Advisor Group LLC now owns 42,740 shares of the company’s stock valued at $1,339,000 after buying an additional 29,250 shares during the period. Forum Financial Management LP acquired a new position in shares of GameStop in the fourth quarter worth $206,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of GameStop by 42.3% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,036,589 shares of the company’s stock worth $32,487,000 after acquiring an additional 307,903 shares during the period. Finally, Vident Advisory LLC raised its stake in shares of GameStop by 12.1% in the fourth quarter. Vident Advisory LLC now owns 31,384 shares of the company’s stock valued at $984,000 after acquiring an additional 3,387 shares in the last quarter. Hedge funds and other institutional investors 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.