Wedbush Cuts Corsair Gaming (NASDAQ:CRSR) Price Target to $11.00

Corsair Gaming (NASDAQ:CRSR) had its target price cut by Wedbush from $13.00 to $11.00 in a research report released on Friday morning, Benzinga reports. They currently have an outperform rating on the stock.

Several other brokerages also recently commented on CRSR. Stifel Nicolaus lowered their price objective on shares of Corsair Gaming from $16.00 to $11.00 and set a buy rating for the company in a research report on Monday, July 22nd. Robert W. Baird lowered their target price on shares of Corsair Gaming from $14.00 to $10.00 and set a neutral rating for the company in a report on Friday, July 19th. Finally, Barclays dropped their price target on Corsair Gaming from $17.00 to $14.00 and set an overweight rating on the stock in a report on Friday. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of Moderate Buy and an average price target of $11.83.

Corsair Gaming Stock Down 5.9 %

Shares of Corsair Gaming stock traded down $0.38 during trading hours on Friday, reaching $6.03. 1,687,118 shares of the company’s stock were exchanged, compared to its average volume of 417,771. The stock has a market cap of $626.55 million, a P/E ratio of -80.13 and a beta of 1.60. The company has a current ratio of 1.82, a quick ratio of 1.08 and a debt-to-equity ratio of 0.25. The company has a 50 day moving average of $10.27 and a two-hundred day moving average of $11.53. Corsair Gaming has a fifty-two week low of $5.62 and a fifty-two week high of $16.73.

Corsair Gaming (NASDAQ:CRSR) last released its quarterly earnings results on Thursday, August 1st. The company reported ($0.07) earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.12). The firm had revenue of $261.30 million for the quarter, compared to analyst estimates of $290.30 million. Corsair Gaming had a positive return on equity of 2.15% and a negative net margin of 2.83%. The business’s revenue for the quarter was down 19.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.03 earnings per share. On average, sell-side analysts forecast that Corsair Gaming will post 0.31 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Rhumbline Advisers increased its position in shares of Corsair Gaming by 11.6% during the 2nd quarter. Rhumbline Advisers now owns 134,322 shares of the company’s stock valued at $1,483,000 after purchasing an additional 13,940 shares during the last quarter. Bank of New York Mellon Corp lifted its position in Corsair Gaming by 3.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,252,737 shares of the company’s stock valued at $13,830,000 after acquiring an additional 41,832 shares in the last quarter. Lebenthal Global Advisors LLC boosted its position in shares of Corsair Gaming by 16.2% during the second quarter. Lebenthal Global Advisors LLC now owns 39,508 shares of the company’s stock valued at $436,000 after buying an additional 5,508 shares during the last quarter. Virtu Financial LLC bought a new stake in shares of Corsair Gaming in the first quarter worth approximately $162,000. Finally, Price T Rowe Associates Inc. MD increased its position in Corsair Gaming by 7.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 20,235 shares of the company’s stock valued at $250,000 after acquiring an additional 1,348 shares during the last quarter. Hedge funds and other institutional investors own 25.66% of the company’s stock.

About Corsair Gaming

Corsair Gaming, Inc, together with its subsidiaries, designs, develops, markets, and sells gaming and streaming peripherals, components and systems in the Americas, Europe, the Middle East, and the Asia Pacific. It offers gamer and creator peripherals, including gaming keyboards, mice, headsets, controllers, and streaming products, such as capture cards, stream decks, microphones and audio interfaces, facecam streaming cameras, studio accessories, gaming furniture, and other related products.