GameStop (NYSE:GME) Upgraded to “Hold” at StockNews.com

GameStop (NYSE:GME) was upgraded by research analysts at StockNews.com from a “sell” rating to a “hold” rating in a report issued on Thursday.

Separately, Wedbush restated an “underperform” rating and issued a $10.00 price objective on shares of GameStop in a report on Monday.

GameStop Stock Down 22.8 %

Shares of NYSE GME traded down $6.47 during trading on Thursday, reaching $21.89. The company had a trading volume of 96,110,016 shares, compared to its average volume of 19,853,982. GameStop has a 12-month low of $9.95 and a 12-month high of $64.83. The business’s 50-day moving average is $25.48 and its 200 day moving average is $25.66. The stock has a market cap of $9.78 billion, a PE ratio of 121.64 and a beta of -0.29.

GameStop (NYSE:GME) last announced its quarterly earnings data on Tuesday, March 25th. The company reported $0.30 EPS for the quarter, beating the consensus estimate of $0.09 by $0.21. The company had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.48 billion. GameStop had a net margin of 1.45% and a return on equity of 2.11%. GameStop’s revenue for the quarter was down 28.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.21 EPS. On average, analysts anticipate that GameStop will post 0.08 earnings per share for the current year.

Insider Activity

In related news, insider Daniel William Moore sold 895 shares of the firm’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $31.07, for a total value of $27,807.65. Following the sale, 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 sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, General Counsel Mark Haymond Robinson sold 1,577 shares of the business’s stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $31.07, for a total transaction of $48,997.39. Following the sale, the general counsel now owns 42,350 shares of the company’s stock, valued at approximately $1,315,814.50. This represents a 3.59 % 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.

Hedge Funds Weigh In On GameStop

Institutional investors and hedge funds have recently modified their holdings of the company. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in GameStop by 223.5% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 990 shares of the company’s stock valued at $31,000 after acquiring an additional 684 shares during the last quarter. New Wave Wealth Advisors LLC bought a new stake in shares of GameStop during the 4th quarter valued at about $37,000. R Squared Ltd purchased a new stake in shares of GameStop during the 4th quarter valued at about $51,000. Bessemer Group Inc. lifted 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 worth $54,000 after purchasing an additional 691 shares during the period. Finally, UMB Bank n.a. boosted its holdings in shares of GameStop by 59.9% in the fourth quarter. UMB Bank n.a. now owns 1,820 shares of the company’s stock worth $57,000 after buying an additional 682 shares during the last quarter. 29.21% of the stock is currently owned by hedge funds and other institutional investors.

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.