GameStop (NYSE:GME) Stock Price Up 6.1% – Still a Buy?

Shares of GameStop Corp. (NYSE:GME) shot up 6.1% during mid-day trading on Thursday . The company traded as high as $29.90 and last traded at $28.68. 8,237,815 shares were traded during mid-day trading, a decline of 57% from the average session volume of 19,025,281 shares. The stock had previously closed at $27.03.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. StockNews.com upgraded GameStop to a “sell” rating in a research report on Saturday, October 19th. Wedbush reduced their price target on shares of GameStop from $11.00 to $10.00 and set an “underperform” rating on the stock in a research report on Wednesday, September 11th.

GameStop Stock Up 11.7 %

The business’s 50-day simple moving average is $24.06 and its 200 day simple moving average is $23.82. The firm has a market capitalization of $12.88 billion, a P/E ratio of 228.40 and a beta of -0.11.

GameStop (NYSE:GME) last issued its quarterly earnings results on Tuesday, September 10th. The company reported $0.01 EPS for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.09. GameStop had a net margin of 0.93% and a return on equity of 1.79%. The business had revenue of $798.30 million for the quarter, compared to analysts’ expectations of $895.67 million. During the same period last year, the business earned ($0.03) earnings per share. The business’s quarterly revenue was down 31.4% on a year-over-year basis. Sell-side analysts predict that GameStop Corp. will post 0.01 earnings per share for the current year.

Insider Transactions at GameStop

In related news, insider Daniel William Moore sold 2,376 shares of GameStop stock in a transaction on Monday, October 7th. The shares were sold at an average price of $21.50, for a total value of $51,084.00. Following the sale, the insider now owns 34,904 shares in the company, valued at $750,436. The trade was a 6.37 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, General Counsel Mark Haymond Robinson sold 11,000 shares of GameStop stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $20.82, for a total transaction of $229,020.00. Following the completion of the sale, the general counsel now owns 43,927 shares in the company, valued at approximately $914,560.14. This trade represents a 20.03 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 22,639 shares of company stock worth $481,000. Insiders own 12.28% of the company’s stock.

Institutional Trading of GameStop

Several large investors have recently added to or reduced their stakes in the stock. Sanctuary Advisors LLC bought a new stake in GameStop in the third quarter valued at $230,000. Virtu Financial LLC bought a new stake in GameStop in the third quarter valued at $285,000. Geode Capital Management LLC boosted its holdings in GameStop by 41.8% in 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. Public Employees Retirement System of Ohio lifted its position in GameStop by 25.5% during the third quarter. Public Employees Retirement System of Ohio now owns 141,383 shares of the company’s stock valued at $3,242,000 after buying an additional 28,699 shares during the period. Finally, Y Intercept Hong Kong Ltd purchased a new position in GameStop during the third quarter valued at $1,635,000. 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.