Corsair Gaming (NASDAQ:CRSR) Shares Down 11.2% Following Analyst Downgrade

Corsair Gaming, Inc. (NASDAQ:CRSR)’s share price traded down 11.2% during trading on Friday after Barclays lowered their price target on the stock from $17.00 to $14.00. Barclays currently has an overweight rating on the stock. Corsair Gaming traded as low as $6.89 and last traded at $7.01. 63,118 shares were traded during mid-day trading, a decline of 84% from the average session volume of 401,120 shares. The stock had previously closed at $7.89.

Several other analysts have also recently issued reports on the company. Robert W. Baird cut their target price on Corsair Gaming from $14.00 to $10.00 and set a “neutral” rating on the stock in a research note on Friday, July 19th. Wedbush reiterated an “outperform” rating and issued a $18.00 price target on shares of Corsair Gaming in a report on Wednesday, May 8th. Finally, Stifel Nicolaus cut their price target on shares of Corsair Gaming from $16.00 to $11.00 and set a “buy” rating on the stock in a report on Monday, July 22nd. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Corsair Gaming has an average rating of “Moderate Buy” and a consensus price target of $13.83.

Institutional Trading of Corsair Gaming

Several institutional investors have recently bought and sold shares of the company. Rhumbline Advisers increased its position in shares of Corsair Gaming by 11.6% during the 2nd quarter. Rhumbline Advisers now owns 134,322 shares of the company’s stock valued at $1,483,000 after purchasing an additional 13,940 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in Corsair Gaming by 3.5% during the second quarter. Bank of New York Mellon Corp now owns 1,252,737 shares of the company’s stock valued at $13,830,000 after buying an additional 41,832 shares during the last quarter. Lebenthal Global Advisors LLC raised its position in Corsair Gaming by 16.2% in the second quarter. Lebenthal Global Advisors LLC now owns 39,508 shares of the company’s stock worth $436,000 after acquiring an additional 5,508 shares during the period. Virtu Financial LLC bought a new position in Corsair Gaming in the first quarter worth approximately $162,000. Finally, Price T Rowe Associates Inc. MD boosted its stake in shares of Corsair Gaming by 7.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 20,235 shares of the company’s stock worth $250,000 after acquiring an additional 1,348 shares during the last quarter. 25.66% of the stock is owned by hedge funds and other institutional investors.

Corsair Gaming Stock Performance

The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.08 and a current ratio of 1.82. The stock has a market cap of $728.41 million, a P/E ratio of -87.63 and a beta of 1.60. The business’s 50-day moving average price is $10.36 and its 200-day moving average price is $11.60.

Corsair Gaming (NASDAQ:CRSR) last released its quarterly earnings results on Tuesday, May 7th. The company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.04). The company had revenue of $337.26 million for the quarter, compared to the consensus estimate of $364.15 million. Corsair Gaming had a negative net margin of 0.58% and a positive return on equity of 4.70%. As a group, sell-side analysts expect that Corsair Gaming, Inc. will post 0.31 earnings per share for the current fiscal year.

About Corsair Gaming

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.