Corsair Gaming (NASDAQ:CRSR) Stock Price Down 7.3% – Here’s What Happened

Corsair Gaming, Inc. (NASDAQ:CRSR)’s stock price dropped 7.3% during mid-day trading on Monday . The company traded as low as $5.53 and last traded at $5.5150. Approximately 650,622 shares were traded during trading, a decline of 75% from the average daily volume of 2,644,128 shares. The stock had previously closed at $5.95.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Weiss Ratings reiterated a “sell (e+)” rating on shares of Corsair Gaming in a research report on Monday, December 29th. Zacks Research upgraded shares of Corsair Gaming from a “hold” rating to a “strong-buy” rating in a report on Thursday, February 12th. Barclays dropped their target price on Corsair Gaming from $9.00 to $8.00 and set an “overweight” rating for the company in a research report on Friday, February 13th. Wedbush reissued an “outperform” rating and set a $7.00 target price on shares of Corsair Gaming in a research note on Tuesday, February 17th. Finally, B. Riley Financial increased their price objective on shares of Corsair Gaming from $6.00 to $7.00 and gave the company a “neutral” rating in a research report on Friday, February 13th. One equities 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 stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $7.71.

Corsair Gaming Stock Performance

The company has a debt-to-equity ratio of 0.18, a current ratio of 1.54 and a quick ratio of 0.84. The stock has a 50-day simple moving average of $5.58 and a 200 day simple moving average of $6.81. The company has a market capitalization of $609.56 million, a PE ratio of -43.96 and a beta of 1.53.

Corsair Gaming (NASDAQ:CRSR) last announced its quarterly earnings data on Thursday, February 12th. The company reported $0.43 EPS 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 business had revenue of $436.86 million during the quarter, compared to the consensus estimate of $422.66 million. During the same quarter in the previous year, the business earned $0.23 earnings per share. The business’s revenue for the quarter was up 5.6% on a year-over-year basis. Equities analysts anticipate that Corsair Gaming, Inc. will post 0.22 EPS for the current fiscal year.

Hedge Funds Weigh In On Corsair Gaming

A number of hedge funds have recently added to or reduced their stakes in CRSR. Kemnay Advisory Services Inc. bought a new stake in Corsair Gaming in the fourth quarter valued at $37,000. Ameritas Investment Partners Inc. increased its stake in shares of Corsair Gaming by 30.7% during the second quarter. Ameritas Investment Partners Inc. now owns 4,765 shares of the company’s stock valued at $45,000 after acquiring an additional 1,120 shares during the period. Virtus Advisers LLC bought a new stake in shares of Corsair Gaming in the 2nd quarter worth $45,000. Tower Research Capital LLC TRC lifted its holdings in Corsair Gaming by 245.9% in the 2nd quarter. Tower Research Capital LLC TRC now owns 5,178 shares of the company’s stock valued at $49,000 after acquiring an additional 3,681 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV bought a new stake in Corsair Gaming during the fourth quarter worth approximately $62,000. Institutional investors and hedge funds own 25.66% of the company’s stock.

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.