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

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

Analyst Ratings Changes

CRSR has been the subject of a number of recent research reports. Robert W. Baird boosted their price objective on shares of Corsair Gaming from $8.00 to $11.00 and gave the company a “neutral” rating in a research report on Thursday, February 13th. Barclays lifted their target price on Corsair Gaming from $9.00 to $12.00 and gave the company an “overweight” rating in a research note on Thursday, February 13th. Finally, Wedbush reiterated an “outperform” rating and set a $12.00 price target (up from $10.00) on shares of Corsair Gaming in a research report on Wednesday, February 5th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $10.14.

Corsair Gaming Stock Performance

The company has a debt-to-equity ratio of 0.27, a current ratio of 1.57 and a quick ratio of 0.92. The stock has a fifty day moving average price of $10.32 and a two-hundred day moving average price of $8.21. The company has a market cap of $708.82 million, a P/E ratio of -7.12 and a beta of 1.68.

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

Insider Activity at Corsair Gaming

In related news, CFO Michael G. Potter sold 4,124 shares of the firm’s stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $10.08, for a total transaction of $41,569.92. Following the transaction, the chief financial officer now owns 125,650 shares in the company, valued at $1,266,552. This trade represents a 3.18 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 58.89% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Corsair Gaming

Hedge funds have recently modified their holdings of the company. FMR LLC boosted its stake in Corsair Gaming by 89.0% during the third quarter. FMR LLC now owns 4,864 shares of the company’s stock valued at $34,000 after buying an additional 2,291 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in shares of Corsair Gaming by 220.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 4,965 shares of the company’s stock valued at $33,000 after purchasing an additional 3,414 shares in the last quarter. BNP Paribas bought a new position in shares of Corsair Gaming during the 4th quarter valued at about $33,000. Quarry LP acquired a new position in shares of Corsair Gaming in the 4th quarter worth approximately $34,000. Finally, GAMMA Investing LLC raised its holdings in shares of Corsair Gaming by 41.5% in the 4th quarter. GAMMA Investing LLC now owns 6,716 shares of the company’s stock worth $44,000 after purchasing an additional 1,971 shares in the last quarter. 25.66% of the stock is currently owned by institutional investors and hedge funds.

Corsair Gaming Company Profile

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.