Corsair Gaming (NASDAQ:CRSR) Shares Gap Down After Analyst Downgrade

Corsair Gaming, Inc. (NASDAQ:CRSR)’s share price gapped down before the market opened on Thursday after The Goldman Sachs Group lowered their price target on the stock from $9.00 to $7.00. The stock had previously closed at $7.12, but opened at $6.18. The Goldman Sachs Group currently has a neutral rating on the stock. Corsair Gaming shares last traded at $6.97, with a volume of 299,783 shares trading hands.

Several other brokerages have also weighed in on CRSR. Stifel Nicolaus decreased their target price on shares of Corsair Gaming from $16.00 to $11.00 and set a “buy” rating on the stock in a research report on Monday, July 22nd. Robert W. Baird reduced their price target on shares of Corsair Gaming from $10.00 to $8.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 25th. Barclays reduced their price target on shares of Corsair Gaming from $14.00 to $9.00 and set an “overweight” rating on the stock in a research report on Thursday. Finally, Wedbush restated an “outperform” rating and issued a $11.00 price target on shares of Corsair Gaming in a research report on Tuesday. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $9.20.

Hedge Funds Weigh In On Corsair Gaming

A number of large investors have recently modified their holdings of CRSR. Massachusetts Financial Services Co. MA lifted its position in shares of Corsair Gaming by 7.5% during the second quarter. Massachusetts Financial Services Co. MA now owns 2,180,426 shares of the company’s stock worth $24,072,000 after purchasing an additional 153,036 shares in the last quarter. Creative Planning lifted its position in shares of Corsair Gaming by 579.2% during the third quarter. Creative Planning now owns 82,182 shares of the company’s stock worth $572,000 after purchasing an additional 70,083 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Corsair Gaming by 1.2% during the first quarter. Vanguard Group Inc. now owns 5,485,063 shares of the company’s stock worth $67,686,000 after purchasing an additional 64,373 shares in the last quarter. Renaissance Technologies LLC lifted its position in shares of Corsair Gaming by 12.2% during the second quarter. Renaissance Technologies LLC now owns 418,033 shares of the company’s stock worth $4,615,000 after purchasing an additional 45,400 shares in the last quarter. Finally, Sei Investments Co. acquired a new position in shares of Corsair Gaming during the second quarter worth approximately $496,000. 25.66% of the stock is currently owned by institutional investors and hedge funds.

Corsair Gaming Price Performance

The stock’s 50-day moving average price is $6.60 and its 200-day moving average price is $8.69. The company has a market capitalization of $710.30 million, a price-to-earnings ratio of -18.30 and a beta of 1.59. The company has a quick ratio of 0.97, a current ratio of 1.80 and a debt-to-equity ratio of 0.26.

Corsair Gaming (NASDAQ:CRSR) last posted its quarterly earnings results on Wednesday, November 6th. The company reported ($0.36) earnings per share for the quarter. The business had revenue of $304.20 million for the quarter, compared to the consensus estimate of $305.03 million. Corsair Gaming had a positive return on equity of 2.17% and a negative net margin of 2.83%. Equities research analysts anticipate that Corsair Gaming, Inc. will post 0.07 earnings per share for the current year.

Corsair Gaming Company Profile

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.