GameStop (NYSE:GME) Stock Price Up 3.5% – Should You Buy?

GameStop Corp. (NYSE:GME) rose 3.5% during trading on Friday . The company traded as high as $24.32 and last traded at $24.33. Approximately 1,360,470 shares were traded during mid-day trading, a decline of 93% from the average daily volume of 19,309,492 shares. The stock had previously closed at $23.51.

Analyst Ratings Changes

Separately, Wedbush reiterated an “underperform” rating and issued a $10.00 target price on shares of GameStop in a research report on Friday, December 6th.

GameStop Stock Performance

The firm has a market capitalization of $11.08 billion, a price-to-earnings ratio of 137.81 and a beta of -0.29. The company has a 50 day moving average price of $25.75 and a two-hundred day moving average price of $25.61.

Insider Activity at GameStop

In other GameStop news, insider Daniel William Moore sold 895 shares of the firm’s stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $31.07, for a total value of $27,807.65. Following the completion of the sale, the insider now directly owns 31,385 shares of the company’s stock, valued at $975,131.95. This trade represents a 2.77 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel Mark Haymond Robinson sold 1,577 shares of the firm’s stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $31.07, for a total value of $48,997.39. Following the completion of the sale, the general counsel now directly owns 42,350 shares of the company’s stock, valued at $1,315,814.50. This trade represents a 3.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 12.28% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On GameStop

A number of hedge funds have recently modified their holdings of the business. CIBC Asset Management Inc grew its holdings in shares of GameStop by 5.7% during the 4th quarter. CIBC Asset Management Inc now owns 9,381 shares of the company’s stock worth $294,000 after purchasing an additional 502 shares during the period. Christensen King & Associates Investment Services Inc. grew its holdings in shares of GameStop by 1.9% during the 4th quarter. Christensen King & Associates Investment Services Inc. now owns 27,397 shares of the company’s stock worth $853,000 after purchasing an additional 518 shares during the period. Nomura Asset Management Co. Ltd. grew its holdings in shares of GameStop by 32.3% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 2,130 shares of the company’s stock worth $67,000 after purchasing an additional 520 shares during the period. Crossmark Global Holdings Inc. boosted its holdings in GameStop by 2.9% during the 4th quarter. Crossmark Global Holdings Inc. now owns 18,338 shares of the company’s stock valued at $575,000 after acquiring an additional 523 shares during the period. Finally, Securian Asset Management Inc. boosted its holdings in GameStop by 1.8% during the 4th quarter. Securian Asset Management Inc. now owns 30,717 shares of the company’s stock valued at $963,000 after acquiring an additional 557 shares during the period. 29.21% of the stock is currently owned by hedge funds and other 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.