GameStop (NYSE:GME) Trading Down 3.2% – Here’s What Happened

GameStop Corp. (NYSE:GME) shares were down 3.2% during mid-day trading on Friday . The company traded as low as $29.83 and last traded at $29.90. Approximately 2,623,013 shares changed hands during mid-day trading, a decline of 86% from the average daily volume of 19,183,193 shares. The stock had previously closed at $30.89.

Wall Street Analysts Forecast Growth

GME has been the subject of several research reports. Wedbush dropped their target price on GameStop from $11.00 to $10.00 and set an “underperform” rating for the company in a research report on Wednesday, September 11th. StockNews.com raised GameStop to a “sell” rating in a research note on Saturday, October 19th.

GameStop Stock Down 5.5 %

The stock has a market cap of $12.45 billion, a P/E ratio of 237.63 and a beta of -0.13. The company’s 50 day moving average price is $23.63 and its 200-day moving average price is $24.06.

GameStop (NYSE:GME) last announced its earnings results on Tuesday, September 10th. The company reported $0.01 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.09. The business had revenue of $798.30 million during the quarter, compared to analyst estimates of $895.67 million. GameStop had a return on equity of 1.79% and a net margin of 0.93%. GameStop’s revenue for the quarter was down 31.4% compared to the same quarter last year. During the same period last year, the company earned ($0.03) EPS. Equities research analysts anticipate that GameStop Corp. will post 0.01 earnings per share for the current year.

Insider Buying and Selling

In other news, General Counsel Mark Haymond Robinson sold 11,000 shares of the stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $20.82, for a total transaction of $229,020.00. Following the completion of the sale, the general counsel now directly owns 43,927 shares in the company, valued at $914,560.14. This represents a 20.03 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Daniel William Moore sold 1,972 shares of the business’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 $43,305.12. Following the completion of the transaction, the insider now owns 37,280 shares in the company, valued at approximately $818,668.80. The trade was a 5.02 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 22,639 shares of company stock valued at $481,000 over the last ninety days. 12.28% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. State Street Corp boosted its position in shares of GameStop by 38.0% during the 3rd quarter. State Street Corp now owns 11,143,759 shares of the company’s stock valued at $255,526,000 after purchasing an additional 3,070,571 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of GameStop by 41.8% during the 3rd quarter. Geode Capital Management LLC now owns 6,278,680 shares of the company’s stock worth $144,009,000 after buying an additional 1,852,088 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of GameStop by 22.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,502,910 shares of the company’s stock worth $80,322,000 after buying an additional 646,488 shares in the last quarter. Cubist Systematic Strategies LLC acquired a new stake in shares of GameStop during the 2nd quarter worth approximately $9,577,000. Finally, Renaissance Technologies LLC increased its stake in shares of GameStop by 34.0% in the 2nd quarter. Renaissance Technologies LLC now owns 1,347,136 shares of the company’s stock valued at $33,261,000 after acquiring an additional 342,178 shares in the last quarter. 29.21% of the stock is owned by institutional investors.

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.