GameStop (NYSE:GME) Stock Price Up 3.5% – Still a Buy?

GameStop Corp. (NYSE:GME)’s share price traded up 3.5% during trading on Friday . The company traded as high as $24.32 and last traded at $24.33. 1,360,470 shares traded hands during trading, a decline of 93% from the average session volume of 19,309,492 shares. The stock had previously closed at $23.51.

Analyst Upgrades and Downgrades

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

GameStop Stock Performance

The company has a market cap of $11.08 billion, a price-to-earnings ratio of 137.81 and a beta of -0.29. The business has a 50-day simple moving average of $25.75 and a 200-day simple moving average of $25.61.

Insider Buying and Selling at GameStop

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

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in shares of GameStop by 223.5% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 990 shares of the company’s stock valued at $31,000 after purchasing an additional 684 shares during the last quarter. New Wave Wealth Advisors LLC purchased a new position in shares of GameStop in the 4th quarter valued at approximately $37,000. R Squared Ltd purchased a new position in shares of GameStop in the 4th quarter valued at approximately $51,000. Bessemer Group Inc. grew its stake in shares of GameStop by 67.2% in the 4th quarter. Bessemer Group Inc. now owns 1,720 shares of the company’s stock valued at $54,000 after purchasing an additional 691 shares during the last quarter. Finally, UMB Bank n.a. grew its stake in shares of GameStop by 59.9% in the 4th quarter. UMB Bank n.a. now owns 1,820 shares of the company’s stock valued at $57,000 after purchasing an additional 682 shares during the last quarter. Institutional investors and hedge funds 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.