GameStop (NYSE:GME) Shares Down 6.1% – Here’s What Happened

GameStop Corp. (NYSE:GME)’s stock price dropped 6.1% during trading on Friday . The stock traded as low as $30.73 and last traded at $30.98. Approximately 4,331,796 shares were traded during trading, a decline of 77% from the average daily volume of 18,790,514 shares. The stock had previously closed at $32.99.

Wall Street Analysts Forecast Growth

GME has been the subject of several research analyst reports. Wedbush reaffirmed an “underperform” rating and issued a $10.00 price objective on shares of GameStop in a research note on Friday, December 6th. StockNews.com upgraded GameStop to a “sell” rating in a research report on Saturday, October 19th.

GameStop Trading Down 2.4 %

The stock has a market cap of $14.39 billion, a price-to-earnings ratio of 178.90 and a beta of -0.11. The firm’s 50 day moving average is $26.87 and its two-hundred day moving average is $24.34.

GameStop (NYSE:GME) last announced its earnings results on Tuesday, December 10th. The company reported $0.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.09. GameStop had a net margin of 1.45% and a return on equity of 2.11%. The firm had revenue of $860.30 million for the quarter, compared to analyst estimates of $887.68 million. The business’s revenue for the quarter was down 20.2% on a year-over-year basis. As a group, equities 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 11,000 shares of the firm’s stock in a transaction dated Thursday, October 10th. The stock was sold at an average price of $20.82, for a total value of $229,020.00. Following the transaction, the general counsel now directly owns 43,927 shares of the company’s stock, valued at $914,560.14. This trade represents a 20.03 % decrease in their ownership of the stock. The transaction 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 that occurred on Friday, October 11th. The shares were sold at an average price of $21.00, for a total transaction of $55,104.00. Following the completion of the sale, the insider now directly 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. Insiders have sold a total of 22,639 shares of company stock valued at $481,000 over the last quarter. Company insiders own 12.28% of the company’s stock.

Institutional Trading of GameStop

Hedge funds and other institutional investors have recently modified their holdings of the business. CWM LLC increased its position in shares of GameStop by 19.9% in the 3rd quarter. CWM LLC now owns 3,189 shares of the company’s stock worth $73,000 after purchasing an additional 529 shares during the last quarter. UMB Bank n.a. grew its position in shares of GameStop by 535.8% during the 3rd quarter. UMB Bank n.a. now owns 1,138 shares of the company’s stock valued at $26,000 after buying an additional 959 shares during the last quarter. United Services Automobile Association grew its holdings in shares of GameStop by 4.6% during the third quarter. United Services Automobile Association now owns 22,500 shares of the company’s stock valued at $516,000 after purchasing an additional 999 shares during the last quarter. Crossmark Global Holdings Inc. raised its position in shares of GameStop by 6.5% during the 3rd quarter. Crossmark Global Holdings Inc. now owns 17,815 shares of the company’s stock worth $408,000 after purchasing an additional 1,085 shares during the period. Finally, Arizona State Retirement System boosted its position in GameStop by 2.0% during the 2nd quarter. Arizona State Retirement System now owns 77,067 shares of the company’s stock valued at $1,903,000 after purchasing an additional 1,501 shares during the period. 29.21% of the stock is owned by hedge funds and other institutional investors.

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.