GameStop (GME) Stock Price Down 1.3% on Analyst Downgrade

GameStop Corp. (NYSE:GME) traded down 1.3% on Tuesday after Wedbush lowered their price target on the stock from $10.00 to $7.00. Wedbush currently has an underperform rating on the stock. GameStop traded as low as $7.98 and last traded at $7.96. 2,785,137 shares changed hands during trading, a decline of 30% from the average session volume of 3,967,242 shares. The stock had previously closed at $8.06.

GME has been the subject of a number of other reports. ValuEngine cut GameStop from a “sell” rating to a “strong sell” rating in a research note on Tuesday, January 29th. Zacks Investment Research cut GameStop from a “hold” rating to a “sell” rating in a research note on Tuesday, March 12th. Credit Suisse Group cut GameStop from a “neutral” rating to an “underperform” rating and set a $11.00 price objective for the company. in a research note on Tuesday, January 29th. Loop Capital reduced their target price on GameStop from $15.00 to $12.00 in a research report on Tuesday, January 29th. Finally, Bank of America lowered GameStop from a “neutral” rating to an “underperform” rating and reduced their target price for the company from $12.00 to $9.00 in a research report on Friday, March 8th. Five analysts have rated the stock with a sell rating and five have issued a hold rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $10.67.

A number of large investors have recently made changes to their positions in the stock. Lombard Odier Asset Management USA Corp acquired a new position in GameStop during the 1st quarter valued at about $174,000. FMR LLC increased its position in GameStop by 0.6% during the 1st quarter. FMR LLC now owns 15,295,131 shares of the company’s stock valued at $155,398,000 after buying an additional 93,245 shares in the last quarter. Elm Ridge Management LLC acquired a new position in GameStop during the 1st quarter valued at about $1,313,000. Morgan Stanley increased its position in GameStop by 302.0% during the 1st quarter. Morgan Stanley now owns 1,107,289 shares of the company’s stock valued at $11,251,000 after buying an additional 831,814 shares in the last quarter. Finally, Man Group plc acquired a new position in shares of GameStop in the first quarter valued at about $450,000. 98.68% of the stock is currently owned by institutional investors.

The company has a quick ratio of 0.86, a current ratio of 1.43 and a debt-to-equity ratio of 0.35. The firm has a market cap of $819.18 million, a price-to-earnings ratio of 3.69 and a beta of 0.57.

GameStop (NYSE:GME) last announced its quarterly earnings data on Tuesday, April 2nd. The company reported $1.45 earnings per share for the quarter, missing analysts’ consensus estimates of $1.59 by ($0.14). The firm had revenue of $3.06 billion during the quarter, compared to analyst estimates of $3.28 billion. GameStop had a negative net margin of 7.71% and a positive return on equity of 14.49%. The firm’s revenue for the quarter was down 7.6% on a year-over-year basis. During the same period in the prior year, the company posted $2.02 earnings per share. Research analysts anticipate that GameStop Corp. will post 1.55 EPS for the current fiscal year.

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GameStop Company Profile (NYSE:GME)

GameStop Corp. operates as a multichannel video game and consumer electronics retailer in the United States, Canada, Australia, and Europe. The company sells new and pre-owned video game hardware; video game software; pre-owned and value video games; video game accessories, including controllers, gaming headsets, virtual reality products, memory cards, and other add-ons for use with video game hardware and software; and digital products, such as downloadable content, network points cards, prepaid digital and prepaid subscription cards, and digitally downloadable software, as well as collectible products.

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