GameStop (NYSE:GME) Trading 3.5% Higher – Here’s Why

GameStop Corp. (NYSE:GME)’s share price rose 3.5% during mid-day trading on Tuesday . The company traded as high as $31.42 and last traded at $30.46. Approximately 4,561,886 shares traded hands during trading, a decline of 76% from the average daily volume of 18,933,855 shares. The stock had previously closed at $29.44.

Analysts Set New Price Targets

A number of research firms have commented on GME. StockNews.com upgraded shares of GameStop to a “sell” rating in a research report on Saturday, October 19th. Wedbush restated an “underperform” rating and issued a $10.00 target price on shares of GameStop in a research note on Friday, December 6th.

GameStop Stock Down 8.7 %

The business’s fifty day moving average is $25.50 and its two-hundred day moving average is $24.34. The firm has a market cap of $12.76 billion, a price-to-earnings ratio of 158.62 and a beta of -0.11.

GameStop (NYSE:GME) last posted its quarterly earnings results on Tuesday, December 10th. The company reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.03) by $0.09. GameStop had a return on equity of 2.11% and a net margin of 1.45%. The business had revenue of $860.30 million for the quarter, compared to analysts’ expectations of $887.68 million. The business’s quarterly revenue was down 20.2% on a year-over-year basis. Research analysts forecast that GameStop Corp. will post 0.01 EPS for the current year.

Insider Buying and Selling

In related news, insider Daniel William Moore sold 2,624 shares of the business’s stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $21.00, for a total transaction of $55,104.00. Following the completion of the transaction, the insider now owns 32,280 shares in the company, valued at approximately $677,880. The trade was a 7.52 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel Mark Haymond Robinson sold 4,667 shares of the stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $21.96, for a total transaction of $102,487.32. Following the completion of the sale, the general counsel now owns 54,927 shares in the company, valued at approximately $1,206,196.92. This trade represents a 7.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 22,639 shares of company stock valued at $481,000 over the last ninety days. Insiders own 12.28% of the company’s stock.

Institutional Trading of GameStop

A number of large investors have recently made changes to their positions in the company. Retirement Systems of Alabama grew its stake in GameStop by 41.7% in the third quarter. Retirement Systems of Alabama now owns 471,156 shares of the company’s stock valued at $10,804,000 after acquiring an additional 138,597 shares during the period. Sanctuary Advisors LLC acquired a new position in shares of GameStop in the third quarter valued at approximately $230,000. Virtu Financial LLC bought a new stake in shares of GameStop during the third quarter worth $285,000. Geode Capital Management LLC raised its holdings in shares of GameStop by 41.8% during the third quarter. Geode Capital Management LLC now owns 6,278,680 shares of the company’s stock worth $144,009,000 after acquiring an additional 1,852,088 shares during the period. Finally, Public Employees Retirement System of Ohio lifted its position in GameStop by 25.5% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 141,383 shares of the company’s stock valued at $3,242,000 after acquiring an additional 28,699 shares in the last quarter. Institutional investors own 29.21% of the company’s stock.

GameStop Company Profile

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.