Corsair Gaming (NASDAQ:CRSR) Stock Price Down 15.6% – Here’s Why

Corsair Gaming, Inc. (NASDAQ:CRSR)’s stock price traded down 15.6% during trading on Thursday . The stock traded as low as $7.69 and last traded at $7.56. 189,353 shares traded hands during trading, a decline of 70% from the average session volume of 634,413 shares. The stock had previously closed at $8.95.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on CRSR shares. Wedbush reiterated an “outperform” rating and issued a $12.00 price target (up previously from $10.00) on shares of Corsair Gaming in a research report on Wednesday, February 5th. Barclays boosted their target price on shares of Corsair Gaming from $9.00 to $12.00 and gave the company an “overweight” rating in a research report on Thursday, February 13th. Finally, Robert W. Baird boosted their price objective on Corsair Gaming from $8.00 to $11.00 and gave the company a “neutral” rating in a report on Thursday, February 13th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $10.14.

Corsair Gaming Price Performance

The firm has a 50 day moving average price of $10.40 and a two-hundred day moving average price of $8.22. The company has a market cap of $782.74 million, a P/E ratio of -7.87 and a beta of 1.60. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.92 and a current ratio of 1.57.

Corsair Gaming (NASDAQ:CRSR) last posted its earnings results on Wednesday, February 12th. The company reported $0.16 earnings per share for the quarter, hitting the consensus estimate of $0.16. Corsair Gaming had a negative net margin of 7.53% and a negative return on equity of 4.62%. On average, analysts predict that Corsair Gaming, Inc. will post 0.22 EPS for the current fiscal year.

Insider Buying and Selling at Corsair Gaming

In other news, CFO Michael G. Potter sold 4,124 shares of the company’s stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $10.08, for a total transaction of $41,569.92. Following the sale, the chief financial officer now directly owns 125,650 shares in the company, valued at $1,266,552. This represents a 3.18 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 58.89% of the company’s stock.

Hedge Funds Weigh In On Corsair Gaming

Several hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. grew its position in shares of Corsair Gaming by 2.6% during the 4th quarter. Vanguard Group Inc. now owns 5,813,359 shares of the company’s stock valued at $38,426,000 after purchasing an additional 148,674 shares in the last quarter. State Street Corp increased its stake in Corsair Gaming by 0.8% in the 3rd quarter. State Street Corp now owns 1,631,501 shares of the company’s stock worth $11,355,000 after acquiring an additional 12,373 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Corsair Gaming by 0.9% in the 4th quarter. Geode Capital Management LLC now owns 1,069,122 shares of the company’s stock valued at $7,069,000 after acquiring an additional 9,344 shares in the last quarter. New York State Common Retirement Fund boosted its position in shares of Corsair Gaming by 40.4% during the 4th quarter. New York State Common Retirement Fund now owns 738,922 shares of the company’s stock valued at $4,884,000 after acquiring an additional 212,792 shares during the last quarter. Finally, Invesco Ltd. grew its holdings in shares of Corsair Gaming by 28.4% during the fourth quarter. Invesco Ltd. now owns 578,749 shares of the company’s stock worth $3,826,000 after purchasing an additional 127,948 shares in the last quarter. Hedge funds and other institutional investors own 25.66% of the company’s stock.

About Corsair Gaming

Corsair Gaming, Inc, together with its subsidiaries, designs, develops, markets, and sells gaming and streaming peripherals, components and systems in the Americas, Europe, the Middle East, and the Asia Pacific. It offers gamer and creator peripherals, including gaming keyboards, mice, headsets, controllers, and streaming products, such as capture cards, stream decks, microphones and audio interfaces, facecam streaming cameras, studio accessories, gaming furniture, and other related products.