GameStop (NYSE:GME) Shares Down 2.6% on Insider Selling

GameStop Corp. (NYSE:GME)’s stock price was down 2.6% on Monday after an insider sold shares in the company. The stock traded as low as $27.20 and last traded at $27.95. Approximately 16,908,635 shares changed hands during mid-day trading, a decline of 35% from the average daily volume of 26,140,531 shares. The stock had previously closed at $28.70.

Specifically, General Counsel Mark Haymond Robinson sold 4,379 shares of the stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $11.61, for a total transaction of $50,840.19. Following the completion of the transaction, the general counsel now owns 64,308 shares in the company, valued at $746,615.88. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other GameStop news, General Counsel Mark Haymond Robinson sold 4,379 shares of the business’s stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $11.61, for a total value of $50,840.19. Following the transaction, the general counsel now directly owns 64,308 shares in the company, valued at $746,615.88. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Daniel William Moore sold 7,779 shares of the firm’s stock in a transaction that occurred on Wednesday, April 24th. The stock was sold at an average price of $10.20, for a total transaction of $79,345.80. Following the sale, the insider now owns 13,606 shares of the company’s stock, valued at approximately $138,781.20. The disclosure for this sale can be found here. Insiders sold a total of 29,636 shares of company stock valued at $346,474 in the last ninety days. 12.28% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of brokerages have issued reports on GME. StockNews.com raised shares of GameStop from a “sell” rating to a “hold” rating in a report on Wednesday, March 27th. Wedbush decreased their price objective on GameStop from $13.50 to $11.00 and set an “underperform” rating on the stock in a research note on Wednesday, June 12th.

GameStop Price Performance

The business’s 50-day moving average price is $20.07 and its 200 day moving average price is $16.65. The company has a market capitalization of $8.86 billion, a P/E ratio of 315.35 and a beta of -0.28. The company has a quick ratio of 1.42, a current ratio of 2.22 and a debt-to-equity ratio of 0.01.

GameStop (NYSE:GME) last released its quarterly earnings results on Friday, June 7th. The company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.03). The business had revenue of $881.80 million during the quarter, compared to analysts’ expectations of $995.30 million. GameStop had a net margin of 0.51% and a return on equity of 1.78%. The business’s revenue was down 28.7% on a year-over-year basis. During the same period in the previous year, the business earned ($0.14) EPS. Analysts anticipate that GameStop Corp. will post 0.08 EPS for the current fiscal year.

Hedge Funds Weigh In On GameStop

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Kestra Advisory Services LLC bought a new stake in shares of GameStop during the 3rd quarter worth $872,000. Coatue Management LLC bought a new stake in GameStop during the fourth quarter worth about $1,315,000. Rhumbline Advisers boosted its holdings in shares of GameStop by 1.7% in the 3rd quarter. Rhumbline Advisers now owns 806,083 shares of the company’s stock worth $13,268,000 after purchasing an additional 13,248 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of GameStop by 11.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,316,585 shares of the company’s stock valued at $38,131,000 after purchasing an additional 243,608 shares during the last quarter. Finally, Invesco Ltd. raised its holdings in shares of GameStop by 1.4% during the 3rd quarter. Invesco Ltd. now owns 442,444 shares of the company’s stock valued at $7,283,000 after buying an additional 6,311 shares in the last quarter. Hedge funds and other 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.