GameStop (NYSE:GME) Upgraded at StockNews.com

GameStop (NYSE:GME) was upgraded by equities researchers at StockNews.com to a “sell” rating in a research note issued on Wednesday.

Separately, Wedbush lowered their price target on GameStop from $11.00 to $10.00 and set an “underperform” rating on the stock in a report on Wednesday, September 11th.

GameStop Trading Up 1.3 %

Shares of NYSE GME opened at $22.61 on Wednesday. The stock has a market cap of $7.94 billion, a P/E ratio of 282.63 and a beta of -0.17. GameStop has a twelve month low of $9.95 and a twelve month high of $64.83. The stock has a 50 day moving average of $22.40 and a two-hundred day moving average of $20.59.

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

Insider Buying and Selling

In other news, Director Lawrence Cheng bought 4,140 shares of the stock in a transaction dated Monday, July 8th. The shares were acquired at an average price of $24.85 per share, with a total value of $102,879.00. Following the completion of the acquisition, the director now directly owns 69,228 shares in the company, valued at $1,720,315.80. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 12.28% of the company’s stock.

Institutional Trading of GameStop

A number of institutional investors have recently modified their holdings of GME. Algert Global LLC purchased a new position in shares of GameStop in the second quarter valued at $1,003,000. Millennium Management LLC grew its position in shares of GameStop by 226.6% in the second quarter. Millennium Management LLC now owns 123,800 shares of the company’s stock valued at $3,057,000 after purchasing an additional 85,893 shares during the last quarter. Cubist Systematic Strategies LLC acquired a new position in shares of GameStop in the second quarter worth $9,577,000. Sei Investments Co. grew its holdings in shares of GameStop by 18.5% during the second quarter. Sei Investments Co. now owns 14,081 shares of the company’s stock worth $348,000 after buying an additional 2,202 shares in the last quarter. Finally, AE Wealth Management LLC purchased a new stake in GameStop in the 2nd quarter worth approximately $895,000. 29.21% of the stock is currently 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.