GameStop (NYSE:GME) Stock Price Up 7.7%

Shares of GameStop Corp. (NYSE:GME) were up 7.7% on Friday . The company traded as high as $21.39 and last traded at $21.01. Approximately 12,613,343 shares traded hands during mid-day trading, a decline of 42% from the average daily volume of 21,652,463 shares. The stock had previously closed at $19.51.

Analyst Ratings Changes

A number of brokerages have issued reports on GME. Wedbush reduced their target price on GameStop from $11.00 to $10.00 and set an “underperform” rating on the stock in a report on Wednesday, September 11th. StockNews.com upgraded shares of GameStop to a “sell” rating in a report on Wednesday, September 11th.

GameStop Stock Performance

The firm has a market capitalization of $7.39 billion, a price-to-earnings ratio of 261.38 and a beta of -0.17. The company has a 50-day moving average of $22.69 and a 200-day moving average of $20.36.

GameStop (NYSE:GME) last announced its earnings results on Tuesday, September 10th. The company reported $0.01 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.09. The firm had revenue of $798.30 million during the quarter, compared to analyst estimates of $895.67 million. GameStop had a net margin of 0.93% and a return on equity of 1.79%. During the same period in the prior year, the business earned ($0.03) EPS. The company’s revenue for the quarter was down 31.4% compared to the same quarter last year. As a group, analysts anticipate that GameStop Corp. will post 0.08 EPS for the current fiscal year.

Insider Activity at GameStop

In related news, Director Lawrence Cheng purchased 4,140 shares of GameStop stock in a transaction that occurred on Monday, July 8th. The stock was purchased at an average cost of $24.85 per share, with a total value of $102,879.00. Following the completion of the transaction, the director now owns 69,228 shares of the company’s stock, valued at approximately $1,720,315.80. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 12.28% of the stock is owned by insiders.

Hedge Funds Weigh In On GameStop

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Texas Permanent School Fund Corp increased its holdings in shares of GameStop by 1.5% during the 1st quarter. Texas Permanent School Fund Corp now owns 235,081 shares of the company’s stock worth $2,943,000 after acquiring an additional 3,459 shares during the last quarter. Coatue Management LLC bought a new stake in shares of GameStop during the 4th quarter worth about $1,315,000. State of Michigan Retirement System raised its holdings in GameStop by 2.5% in the 1st quarter. State of Michigan Retirement System now owns 66,000 shares of the company’s stock valued at $826,000 after acquiring an additional 1,600 shares during the period. CANADA LIFE ASSURANCE Co boosted its holdings in shares of GameStop by 2.9% during the first quarter. CANADA LIFE ASSURANCE Co now owns 194,764 shares of the company’s stock worth $2,438,000 after acquiring an additional 5,411 shares during the period. Finally, BNP Paribas Financial Markets increased its stake in shares of GameStop by 7.0% during the first quarter. BNP Paribas Financial Markets now owns 157,242 shares of the company’s stock worth $1,969,000 after purchasing an additional 10,289 shares during the period. Institutional investors own 29.21% of the company’s stock.

About GameStop

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.