Corsair Gaming (NASDAQ:CRSR) Shares Down 10.6% – Here’s What Happened

Corsair Gaming, Inc. (NASDAQ:CRSR) traded down 10.6% on Tuesday . The stock traded as low as $6.11 and last traded at $6.0720. 1,696,420 shares were traded during mid-day trading, a decline of 39% from the average session volume of 2,803,988 shares. The stock had previously closed at $6.79.

Analysts Set New Price Targets

CRSR has been the topic of a number of research analyst reports. Weiss Ratings reissued a “sell (e+)” rating on shares of Corsair Gaming in a research report on Monday, December 29th. Macquarie Infrastructure reduced their price target on shares of Corsair Gaming from $12.00 to $10.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 5th. Barclays decreased their price target on shares of Corsair Gaming from $9.00 to $8.00 and set an “overweight” rating for the company in a research note on Friday. B. Riley Financial lifted their price objective on Corsair Gaming from $6.00 to $7.00 and gave the company a “neutral” rating in a research report on Friday. Finally, Wedbush reissued an “outperform” rating and issued a $7.00 target price on shares of Corsair Gaming in a research report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $7.71.

Corsair Gaming Stock Down 18.3%

The company has a quick ratio of 0.84, a current ratio of 1.54 and a debt-to-equity ratio of 0.18. The company’s fifty day moving average price is $5.75 and its 200-day moving average price is $7.16. The stock has a market capitalization of $591.46 million, a PE ratio of -42.69 and a beta of 1.55.

Corsair Gaming (NASDAQ:CRSR) last posted its quarterly earnings data on Thursday, February 12th. The company reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.26 by $0.17. Corsair Gaming had a positive return on equity of 6.71% and a negative net margin of 0.87%.The company had revenue of $436.86 million during the quarter, compared to analyst estimates of $422.66 million. During the same quarter last year, the company earned $0.23 EPS. The firm’s revenue for the quarter was up 5.6% on a year-over-year basis. Analysts forecast that Corsair Gaming, Inc. will post 0.22 earnings per share for the current year.

Insider Transactions at Corsair Gaming

In other news, CEO Thi L. La purchased 50,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 25th. The shares were bought at an average price of $6.10 per share, for a total transaction of $305,000.00. Following the purchase, the chief executive officer directly owned 480,726 shares in the company, valued at approximately $2,932,428.60. This trade represents a 11.61% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 58.38% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Corsair Gaming

Institutional investors have recently modified their holdings of the business. Arrowstreet Capital Limited Partnership purchased a new position in Corsair Gaming in the 3rd quarter worth about $3,877,000. Massachusetts Financial Services Co. MA raised its holdings in shares of Corsair Gaming by 15.2% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 3,042,943 shares of the company’s stock valued at $18,075,000 after purchasing an additional 401,171 shares during the last quarter. ArrowMark Colorado Holdings LLC lifted its position in Corsair Gaming by 128.9% during the third quarter. ArrowMark Colorado Holdings LLC now owns 625,000 shares of the company’s stock valued at $5,575,000 after purchasing an additional 352,000 shares during the period. AQR Capital Management LLC boosted its holdings in Corsair Gaming by 328.9% in the second quarter. AQR Capital Management LLC now owns 397,881 shares of the company’s stock worth $3,752,000 after purchasing an additional 305,103 shares during the last quarter. Finally, Qube Research & Technologies Ltd bought a new stake in Corsair Gaming in the 3rd quarter worth approximately $2,555,000. 25.66% of the stock is owned by hedge funds and other institutional investors.

About Corsair Gaming

Corsair Gaming, Inc, headquartered in Fremont, California, is a leading manufacturer of high-performance gaming peripherals and PC components. Since its founding in 1994 by Andy Paul, Don Lieberman and John Beekley as Corsair Microsystems, the company has evolved from producing memory modules to a broad portfolio of gaming hardware. Its product range includes gaming keyboards, mice, headsets, PC chassis, power supplies, cooling solutions, memory modules, solid-state drives and streaming accessories under brands such as Corsair, Elgato and SCUF Gaming.

The company’s solutions cater to PC enthusiasts, competitive gamers and content creators, offering hardware and integrated software designed to optimize performance and user experience.