GameStop’s (GME) Underperform Rating Reiterated at Wedbush

Wedbush reissued their underperform rating on shares of GameStop (NYSE:GME) in a research report sent to investors on Monday, MarketBeat Ratings reports. Wedbush currently has a $10.00 price target on the stock.

GameStop Stock Up 11.7 %

Shares of NYSE:GME opened at $28.38 on Monday. The firm has a market cap of $12.68 billion, a P/E ratio of 157.68 and a beta of -0.29. GameStop has a 12 month low of $9.95 and a 12 month high of $64.83. The company’s 50-day moving average price is $25.59 and its two-hundred day moving average price is $25.69.

GameStop (NYSE:GME) last released its quarterly earnings results on Tuesday, March 25th. The company reported $0.30 EPS for the quarter, beating the consensus estimate of $0.09 by $0.21. GameStop had a net margin of 1.45% and a return on equity of 2.11%. The business had revenue of $1.28 billion for the quarter, compared to analysts’ expectations of $1.48 billion. During the same period in the prior year, the firm earned $0.21 earnings per share. GameStop’s revenue was down 28.5% compared to the same quarter last year. As a group, equities analysts predict that GameStop will post 0.08 earnings per share for the current fiscal year.

Insider Activity

In related news, General Counsel Mark Haymond Robinson sold 1,577 shares of the business’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 transaction of $48,997.39. Following the completion of the sale, the general counsel now directly owns 42,350 shares of the company’s stock, valued at $1,315,814.50. The trade was a 3.59 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, 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 transaction of $27,807.65. Following the completion of the transaction, the insider now directly owns 31,385 shares in the company, valued at approximately $975,131.95. The trade was a 2.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 12.28% of the stock is currently owned by insiders.

Hedge Funds Weigh In On GameStop

Several hedge funds have recently added to or reduced their stakes in the stock. State Street Corp raised its holdings 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 period. Vanguard Group Inc. grew its holdings in shares of GameStop by 5.5% in the 4th quarter. Vanguard Group Inc. now owns 39,144,063 shares of the company’s stock valued at $1,226,775,000 after buying an additional 2,036,032 shares during the period. Slate Path Capital LP bought a new stake in shares of GameStop in the 4th quarter valued at $60,361,000. Geode Capital Management LLC raised its stake in 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 during the period. Finally, D. E. Shaw & Co. Inc. lifted its holdings in GameStop by 606.7% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 1,650,750 shares of the company’s stock worth $51,735,000 after acquiring an additional 1,417,156 shares in the last quarter. Institutional investors and hedge funds 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.