GameStop (NYSE:GME) Upgraded by StockNews.com to Sell

StockNews.com upgraded shares of GameStop (NYSE:GME) to a sell rating in a research note released on Wednesday morning.

Separately, Wedbush reduced their target price on GameStop from $11.00 to $10.00 and set an underperform rating on the stock in a research note on Wednesday, September 11th.

GameStop Stock Performance

Shares of GME stock opened at $22.48 on Wednesday. The stock has a fifty day moving average price of $22.16 and a 200 day moving average price of $20.67. The stock has a market cap of $7.90 billion, a PE ratio of 281.00 and a beta of -0.17. GameStop has a 1 year low of $9.95 and a 1 year high of $64.83.

GameStop (NYSE:GME) last released its quarterly 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. GameStop had a return on equity of 1.79% and a net margin of 0.93%. The business had revenue of $798.30 million during the quarter, compared to the consensus estimate of $895.67 million. During the same quarter in the previous year, the company posted ($0.03) EPS. The business’s revenue was down 31.4% on a year-over-year basis. As a group, equities research analysts predict that GameStop will post 0.01 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Lawrence Cheng acquired 4,140 shares of the business’s stock in a transaction dated Monday, July 8th. The stock was acquired at an average price of $24.85 per share, with a total value of $102,879.00. Following the completion of the transaction, the director now directly owns 69,228 shares in the company, valued at approximately $1,720,315.80. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 12.28% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On GameStop

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Algert Global LLC purchased a new position in GameStop during the second quarter worth about $1,003,000. Millennium Management LLC lifted its holdings in shares of GameStop by 226.6% during the 2nd quarter. Millennium Management LLC now owns 123,800 shares of the company’s stock worth $3,057,000 after acquiring an additional 85,893 shares during the period. Cubist Systematic Strategies LLC acquired a new stake in shares of GameStop in the second quarter worth approximately $9,577,000. Sei Investments Co. grew its holdings in GameStop by 18.5% in the second quarter. Sei Investments Co. now owns 14,081 shares of the company’s stock valued at $348,000 after purchasing an additional 2,202 shares during the period. Finally, AE Wealth Management LLC acquired a new position in GameStop during the second quarter worth approximately $895,000. Hedge funds and other institutional investors own 29.21% of the company’s stock.

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.