GameStop (NYSE:GME) Earns Underperform Rating from Wedbush

GameStop (NYSE:GME)‘s stock had its “underperform” rating restated by Wedbush in a research note issued to investors on Monday,RTT News reports. They currently have a $10.00 target price on the stock. Wedbush’s target price indicates a potential downside of 60.58% from the stock’s previous close.

GameStop Stock Performance

Shares of NYSE GME opened at $25.37 on Monday. The stock’s 50-day simple moving average is $25.59 and its 200-day simple moving average is $25.67. The firm has a market capitalization of $11.34 billion, a PE ratio of 140.95 and a beta of -0.29. GameStop has a fifty-two week low of $9.95 and a fifty-two week high of $64.83.

GameStop (NYSE:GME) last posted its earnings results on Tuesday, March 25th. The company reported $0.30 EPS for the quarter, topping analysts’ consensus estimates of $0.09 by $0.21. The business had revenue of $1.28 billion for the quarter, compared to analysts’ expectations of $1.48 billion. GameStop had a return on equity of 2.11% and a net margin of 1.45%. The business’s revenue was down 28.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.21 earnings per share. On average, sell-side analysts forecast that GameStop will post 0.08 earnings per share for the current fiscal year.

Insider Activity

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

Institutional Investors Weigh In On GameStop

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