GameStop Corp. (NYSE:GME) Sees Large Drop in Short Interest

GameStop Corp. (NYSE:GME) was the recipient of a large drop in short interest in October. As of October 15th, there was short interest totalling 35,960,000 shares, a drop of 5.7% from the September 30th total of 38,130,000 shares. Based on an average daily volume of 8,180,000 shares, the short-interest ratio is currently 4.4 days.

Insider Activity at GameStop

In other GameStop news, 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 value of $102,487.32. Following the transaction, the general counsel now directly owns 54,927 shares in the company, valued at approximately $1,206,196.92. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other GameStop news, General Counsel Mark Haymond Robinson sold 4,667 shares of GameStop stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $21.96, for a total transaction of $102,487.32. Following the transaction, the general counsel now directly owns 54,927 shares in the company, valued at approximately $1,206,196.92. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Daniel William Moore sold 2,376 shares of GameStop stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $21.50, for a total value of $51,084.00. Following the transaction, the insider now owns 34,904 shares in the company, valued at approximately $750,436. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 22,639 shares of company stock valued at $481,000 in the last three months. Corporate insiders own 12.28% of the company’s stock.

Institutional Investors Weigh In On GameStop

Institutional investors have recently made changes to their positions in the company. Van ECK Associates Corp boosted its stake in shares of GameStop by 8.1% in the third quarter. Van ECK Associates Corp now owns 1,825,837 shares of the company’s stock valued at $41,866,000 after buying an additional 136,785 shares during the period. Renaissance Technologies LLC increased its holdings in shares of GameStop by 34.0% during the second quarter. Renaissance Technologies LLC now owns 1,347,136 shares of the company’s stock worth $33,261,000 after buying an additional 342,178 shares in the last quarter. Swiss National Bank increased its holdings in shares of GameStop by 0.3% during the first quarter. Swiss National Bank now owns 542,828 shares of the company’s stock worth $6,796,000 after buying an additional 1,400 shares in the last quarter. Cubist Systematic Strategies LLC acquired a new position in shares of GameStop during the second quarter worth $9,577,000. Finally, State Board of Administration of Florida Retirement System increased its holdings in shares of GameStop by 2.8% during the first quarter. State Board of Administration of Florida Retirement System now owns 304,884 shares of the company’s stock worth $3,817,000 after buying an additional 8,437 shares in the last quarter. Institutional investors own 29.21% of the company’s stock.

GameStop Trading Up 0.8 %

Shares of NYSE:GME traded up $0.17 during trading on Friday, reaching $22.35. 2,523,462 shares of the stock were exchanged, compared to its average volume of 19,733,170. GameStop has a 12 month low of $9.95 and a 12 month high of $64.83. The firm has a market cap of $9.53 billion, a PE ratio of 170.71 and a beta of -0.19. The stock has a 50-day moving average price of $21.61 and a 200-day moving average price of $22.10.

GameStop (NYSE:GME) last issued its quarterly earnings data on Tuesday, September 10th. The company reported $0.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.09. GameStop had a return on equity of 1.79% and a net margin of 0.93%. The company had revenue of $798.30 million during the quarter, compared to analysts’ expectations of $895.67 million. During the same quarter in the previous year, the company posted ($0.03) earnings per share. The business’s revenue was down 31.4% on a year-over-year basis. On average, sell-side analysts expect that GameStop will post 0.01 earnings per share for the current fiscal year.

Analysts Set New Price Targets

GME has been the topic of several recent research reports. Wedbush dropped their price target on GameStop from $11.00 to $10.00 and set an “underperform” rating on the stock in a research note on Wednesday, September 11th. StockNews.com upgraded GameStop to a “sell” rating in a report on Saturday, October 19th.

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.