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

StockNews.com upgraded shares of GameStop (NYSE:GME) from a sell rating to a hold rating in a report issued on Thursday morning.

Separately, Wedbush reaffirmed an “underperform” rating and set a $10.00 price objective on shares of GameStop in a research note on Monday, March 24th.

GameStop Trading Down 1.5 %

Shares of GME opened at $21.77 on Thursday. The firm’s 50-day moving average is $25.36 and its two-hundred day moving average is $25.66. GameStop has a twelve month low of $9.95 and a twelve month high of $64.83. The firm has a market capitalization of $9.72 billion, a P/E ratio of 120.92 and a beta of -0.29.

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

Insider Buying and Selling

In other GameStop news, General Counsel Mark Haymond Robinson sold 1,577 shares of the company’s stock in a transaction dated Friday, January 3rd. The stock was 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 in the company, valued at $1,315,814.50. This represents a 3.59 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Daniel William Moore sold 895 shares of the stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $31.07, for a total transaction of $27,807.65. Following the sale, the insider now directly owns 31,385 shares of the company’s stock, valued at approximately $975,131.95. This trade represents a 2.77 % decrease in their position. The disclosure for this sale can be found here. 12.28% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On GameStop

Large investors have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. raised its stake in shares of 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 purchasing an additional 646,488 shares during the period. Foundations Investment Advisors LLC purchased a new position in GameStop in the 4th quarter valued at about $878,000. Retirement Systems of Alabama grew its stake in shares of GameStop by 41.7% during the third quarter. Retirement Systems of Alabama now owns 471,156 shares of the company’s stock valued at $10,804,000 after acquiring an additional 138,597 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of GameStop by 2.4% during the fourth quarter. Bank of New York Mellon Corp now owns 2,565,455 shares of the company’s stock worth $80,401,000 after acquiring an additional 60,673 shares during the last quarter. Finally, Swiss National Bank increased its position in shares of GameStop by 5.5% during the fourth quarter. Swiss National Bank now owns 834,228 shares of the company’s stock worth $26,145,000 after acquiring an additional 43,700 shares during the last quarter. Institutional investors and hedge funds 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.