GameStop (NYSE:GME) Shares Up 3.9% – What’s Next?

GameStop Corp. (NYSE:GME)’s stock price shot up 3.9% during mid-day trading on Tuesday . The company traded as high as $31.10 and last traded at $30.84. 5,767,052 shares were traded during trading, a decline of 70% from the average session volume of 19,189,809 shares. The stock had previously closed at $29.67.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on GME. StockNews.com upgraded shares of GameStop to a “sell” rating in a research report on Saturday, October 19th. Wedbush cut their price target on shares of GameStop from $11.00 to $10.00 and set an “underperform” rating for the company in a report on Wednesday, September 11th.

GameStop Stock Performance

The stock’s fifty day moving average price is $23.40 and its two-hundred day moving average price is $24.01. The company has a market cap of $13.17 billion, a P/E ratio of 237.63 and a beta of -0.13.

GameStop (NYSE:GME) last issued its quarterly earnings results on Tuesday, September 10th. The company reported $0.01 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.09. GameStop had a net margin of 0.93% and a return on equity of 1.79%. The company had revenue of $798.30 million during the quarter, compared to the consensus estimate of $895.67 million. During the same quarter in the prior year, the firm posted ($0.03) EPS. The firm’s quarterly revenue was down 31.4% on a year-over-year basis. On average, equities research analysts forecast that GameStop Corp. will post 0.01 EPS for the current year.

Insider Activity at GameStop

In related news, 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 value of $55,104.00. Following the completion of 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Mark Haymond Robinson sold 4,667 shares of the firm’s stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $21.96, for a total transaction of $102,487.32. Following the transaction, the general counsel now directly owns 54,927 shares of the company’s stock, valued at $1,206,196.92. The trade was a 7.83 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 22,639 shares of company stock valued at $481,000 in the last quarter. Insiders own 12.28% of the company’s stock.

Hedge Funds Weigh In On GameStop

Several large investors have recently modified their holdings of the business. Sanctuary Advisors LLC bought a new position in shares of GameStop during the third quarter valued at $230,000. Virtu Financial LLC bought a new position in shares of GameStop during the third quarter valued at $285,000. Geode Capital Management LLC raised its stake 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 valued at $144,009,000 after acquiring an additional 1,852,088 shares during the last quarter. Public Employees Retirement System of Ohio raised its stake in shares of GameStop by 25.5% during the third quarter. Public Employees Retirement System of Ohio now owns 141,383 shares of the company’s stock valued at $3,242,000 after acquiring an additional 28,699 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd acquired a new stake in shares of GameStop during the third quarter worth $1,635,000. 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.