GameStop (NYSE:GME) Given “Underperform” Rating at Wedbush

Wedbush restated their underperform rating on shares of GameStop (NYSE:GME) in a research report report published on Friday,RTT News reports. Wedbush currently has a $10.00 price target on the stock.

Separately, StockNews.com raised GameStop to a “sell” rating in a research report on Saturday, October 19th.

GameStop Stock Performance

GameStop stock opened at $29.03 on Friday. The stock’s 50 day simple moving average is $24.32 and its two-hundred day simple moving average is $23.89. The stock has a market cap of $12.38 billion, a price-to-earnings ratio of 223.32 and a beta of -0.11. GameStop has a fifty-two week low of $9.95 and a fifty-two week high of $64.83.

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

Insider Buying and Selling

In other GameStop news, insider Daniel William Moore sold 1,972 shares of the stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $21.96, for a total value of $43,305.12. Following the completion of the sale, the insider now owns 37,280 shares in the company, valued at approximately $818,668.80. This represents a 5.02 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, General Counsel Mark Haymond Robinson sold 11,000 shares of the firm’s stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $20.82, for a total value of $229,020.00. Following the transaction, the general counsel now owns 43,927 shares of the company’s stock, valued at approximately $914,560.14. The trade was a 20.03 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 22,639 shares of company stock valued at $481,000. 12.28% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. State Street Corp lifted its stake in GameStop by 38.0% in the third quarter. State Street Corp now owns 11,143,759 shares of the company’s stock worth $255,526,000 after purchasing an additional 3,070,571 shares during the last quarter. 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 in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in GameStop by 22.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,502,910 shares of the company’s stock valued at $80,322,000 after buying an additional 646,488 shares during the period. Cubist Systematic Strategies LLC purchased a new position in GameStop during the second quarter valued at approximately $9,577,000. Finally, Renaissance Technologies LLC increased its holdings in GameStop by 34.0% during the second quarter. Renaissance Technologies LLC now owns 1,347,136 shares of the company’s stock valued at $33,261,000 after buying an additional 342,178 shares during the period. 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.