GameStop (NYSE:GME) Shares Up 7% – Here’s What Happened

GameStop Corp. (NYSE:GME) rose 7% on Wednesday . The stock traded as high as $29.75 and last traded at $29.49. Approximately 13,743,585 shares traded hands during trading, a decline of 29% from the average daily volume of 19,330,438 shares. The stock had previously closed at $27.57.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. StockNews.com raised shares of GameStop to a “sell” rating in a report on Saturday, October 19th. Wedbush lowered their price objective on GameStop from $11.00 to $10.00 and set an “underperform” rating on the stock in a research report on Wednesday, September 11th.

GameStop Trading Up 3.0 %

The company has a market capitalization of $12.12 billion, a P/E ratio of 227.25 and a beta of -0.13. The stock’s fifty day moving average is $22.33 and its 200 day moving average is $23.54.

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

Insiders Place Their Bets

In other GameStop news, General Counsel Mark Haymond Robinson sold 4,667 shares of the business’s stock in a transaction that occurred 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 sale, the general counsel now directly owns 54,927 shares of the company’s stock, valued at $1,206,196.92. The trade was a 7.83 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, 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 value of $55,104.00. Following the transaction, the insider now owns 32,280 shares of the company’s stock, valued at $677,880. This trade represents a 7.52 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 22,639 shares of company stock valued at $481,000. Company insiders own 12.28% of the company’s stock.

Institutional Trading of GameStop

A number of institutional investors have recently modified their holdings of the company. State Street Corp increased its holdings in GameStop by 38.0% in the 3rd quarter. State Street Corp now owns 11,143,759 shares of the company’s stock worth $255,526,000 after buying an additional 3,070,571 shares during the period. Geode Capital Management LLC increased its stake in GameStop by 41.8% during the 3rd quarter. Geode Capital Management LLC now owns 6,278,680 shares of the company’s stock worth $144,009,000 after buying an additional 1,852,088 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in GameStop by 22.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,502,910 shares of the company’s stock valued at $80,322,000 after purchasing an additional 646,488 shares in the last quarter. Van ECK Associates Corp grew its position 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 purchasing an additional 136,785 shares in the last quarter. Finally, Renaissance Technologies LLC raised its holdings in shares of GameStop by 34.0% during the 2nd quarter. Renaissance Technologies LLC now owns 1,347,136 shares of the company’s stock worth $33,261,000 after acquiring an additional 342,178 shares during the period. 29.21% of the stock is currently owned by institutional investors.

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.