GameStop (NYSE:GME) Issues Earnings Results

GameStop (NYSE:GME) issued its quarterly earnings results on Tuesday. The company reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.04, Zacks reports. GameStop had a net margin of 9.41% and a return on equity of 7.72%. The business had revenue of $821.00 million for the quarter, compared to analysts’ expectations of $987.29 million.

GameStop Stock Down 0.8%

Shares of GameStop stock traded down $0.19 during trading on Tuesday, hitting $23.16. 7,267,358 shares of the stock traded hands, compared to its average volume of 9,997,402. The firm has a market cap of $10.37 billion, a P/E ratio of 31.73 and a beta of -1.30. The stock’s fifty day simple moving average is $22.75 and its 200 day simple moving average is $23.99. The company has a current ratio of 11.37, a quick ratio of 10.79 and a debt-to-equity ratio of 0.80. GameStop has a 52-week low of $19.93 and a 52-week high of $35.81.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated a “hold (c)” rating on shares of GameStop in a research report on Thursday. One investment analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus price target of $13.50.

Insider Buying and Selling

In related news, insider Daniel William Moore sold 6,509 shares of GameStop stock in a transaction that occurred on Thursday, October 2nd. The shares were sold at an average price of $27.58, for a total value of $179,518.22. Following the completion of the sale, the insider directly owned 112,620 shares in the company, valued at $3,106,059.60. This trade represents a 5.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Mark Haymond Robinson sold 4,449 shares of the business’s stock in a transaction that occurred on Thursday, October 2nd. The stock was sold at an average price of $27.58, for a total transaction of $122,703.42. Following the sale, the general counsel directly owned 112,302 shares in the company, valued at approximately $3,097,289.16. This represents a 3.81% decrease in their position. The SEC filing for this sale provides additional information. 8.58% of the stock is owned by insiders.

Institutional Trading of GameStop

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets raised its position in GameStop by 233.5% during the 2nd quarter. BNP Paribas Financial Markets now owns 355,998 shares of the company’s stock worth $8,683,000 after buying an additional 249,262 shares during the last quarter. Invesco Ltd. boosted its holdings in shares of GameStop by 5.5% in the 3rd quarter. Invesco Ltd. now owns 4,068,547 shares of the company’s stock valued at $110,990,000 after acquiring an additional 210,523 shares during the last quarter. California Public Employees Retirement System increased its stake in shares of GameStop by 111.4% in the second quarter. California Public Employees Retirement System now owns 294,435 shares of the company’s stock worth $7,181,000 after acquiring an additional 155,127 shares during the period. Verition Fund Management LLC purchased a new position in shares of GameStop during the third quarter worth $3,661,000. Finally, Man Group plc acquired a new position in GameStop during the second quarter valued at $3,146,000. 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.