GameStop’s (GME) Underperform Rating Reiterated at Wedbush

Wedbush reaffirmed their underperform rating on shares of GameStop (NYSE:GME) in a research note issued to investors on Friday morning,RTT News reports. The brokerage currently has a $10.00 target price on the stock.

Separately, StockNews.com upgraded GameStop to a “sell” rating in a report on Saturday, October 19th.

GameStop Stock Up 1.5 %

Shares of GameStop stock opened at $29.06 on Friday. The stock has a market capitalization of $12.39 billion, a P/E ratio of 223.54 and a beta of -0.11. The stock has a 50 day moving average price of $24.32 and a two-hundred day moving average price of $23.92. GameStop has a 12-month low of $9.95 and a 12-month high of $64.83.

GameStop (NYSE:GME) last announced its earnings results 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 firm had revenue of $798.30 million during the quarter, compared to analysts’ expectations of $895.67 million. During the same quarter in the prior year, the business earned ($0.03) earnings per share. The company’s revenue was down 31.4% on a year-over-year basis. Sell-side analysts anticipate that GameStop will post 0.01 earnings per share for the current year.

Insider Activity at GameStop

In related news, General Counsel Mark Haymond Robinson sold 11,000 shares of the company’s stock in a transaction on Thursday, October 10th. The stock was sold at an average price of $20.82, for a total value of $229,020.00. Following the completion of the transaction, the general counsel now directly owns 43,927 shares in the company, valued at approximately $914,560.14. This represents a 20.03 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Daniel William Moore sold 2,624 shares of the stock in a transaction on Friday, October 11th. The stock was 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 represents a 7.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 22,639 shares of company stock worth $481,000. 12.28% of the stock is owned by corporate insiders.

Institutional Trading of GameStop

Several large investors have recently made changes to their positions in the business. State Street Corp grew its holdings in shares of GameStop by 38.0% during the third quarter. State Street Corp now owns 11,143,759 shares of the company’s stock worth $255,526,000 after purchasing an additional 3,070,571 shares during the last quarter. Geode Capital Management LLC grew 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 purchasing an additional 1,852,088 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in GameStop by 22.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,502,910 shares of the company’s stock valued at $80,322,000 after acquiring an additional 646,488 shares during the last quarter. Van ECK Associates Corp boosted its holdings in 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 acquiring an additional 136,785 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its holdings in GameStop by 34.0% in the second quarter. Renaissance Technologies LLC now owns 1,347,136 shares of the company’s stock valued at $33,261,000 after acquiring an additional 342,178 shares during 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.