Wedbush Cuts Corsair Gaming (NASDAQ:CRSR) Price Target to $7.00

Corsair Gaming (NASDAQ:CRSR) had its price objective dropped by investment analysts at Wedbush from $9.00 to $7.00 in a research report issued on Friday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Wedbush’s price objective would indicate a potential upside of 43.33% from the company’s previous close.

Other analysts have also issued reports about the company. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Corsair Gaming in a research report on Monday, December 29th. Craig Hallum set a $10.00 price target on shares of Corsair Gaming in a research note on Wednesday, November 5th. Barclays dropped their price target on shares of Corsair Gaming from $12.00 to $9.00 and set an “overweight” rating on the stock in a research report on Thursday, November 6th. Wall Street Zen lowered Corsair Gaming from a “buy” rating to a “hold” rating in a report on Saturday, November 22nd. Finally, Macquarie dropped their target price on Corsair Gaming from $12.00 to $10.00 and set an “outperform” rating on the stock in a report on Wednesday, November 5th. Four research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $8.79.

Corsair Gaming Trading Up 3.0%

Shares of CRSR stock traded up $0.14 during trading hours on Friday, hitting $4.88. 52,659 shares of the company were exchanged, compared to its average volume of 1,074,466. The company has a 50 day simple moving average of $5.90 and a two-hundred day simple moving average of $7.37. The firm has a market cap of $520.51 million, a P/E ratio of -14.23 and a beta of 1.55. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.72 and a current ratio of 1.48. Corsair Gaming has a fifty-two week low of $4.59 and a fifty-two week high of $13.02.

Corsair Gaming (NASDAQ:CRSR) last posted its quarterly earnings results on Tuesday, November 4th. The company reported $0.06 EPS for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.02). Corsair Gaming had a positive return on equity of 3.37% and a negative net margin of 2.46%.The company had revenue of $345.76 million during the quarter, compared to analyst estimates of $354.04 million. During the same quarter in the previous year, the business posted ($0.29) earnings per share. The company’s revenue for the quarter was up 13.7% compared to the same quarter last year. Equities analysts anticipate that Corsair Gaming will post 0.22 EPS for the current year.

Insider Activity at Corsair Gaming

In related news, CEO Thi L. La purchased 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 25th. The shares were bought at an average cost of $6.10 per share, with a total value of $305,000.00. Following the acquisition, the chief executive officer owned 480,726 shares of the company’s stock, valued at $2,932,428.60. This represents a 11.61% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. 58.38% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Ameritas Investment Partners Inc. raised its holdings in shares of Corsair Gaming by 30.7% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 4,765 shares of the company’s stock worth $45,000 after purchasing an additional 1,120 shares during the period. Virtus Advisers LLC bought a new stake in shares of Corsair Gaming in the second quarter valued at $45,000. Tower Research Capital LLC TRC lifted its position in shares of Corsair Gaming by 245.9% during the 2nd quarter. Tower Research Capital LLC TRC now owns 5,178 shares of the company’s stock valued at $49,000 after buying an additional 3,681 shares during the last quarter. BNP Paribas Financial Markets grew its stake in shares of Corsair Gaming by 24.7% during the 2nd quarter. BNP Paribas Financial Markets now owns 7,819 shares of the company’s stock worth $74,000 after acquiring an additional 1,551 shares during the period. Finally, PNC Financial Services Group Inc. increased its holdings in Corsair Gaming by 70.6% in the 2nd quarter. PNC Financial Services Group Inc. now owns 8,632 shares of the company’s stock worth $81,000 after acquiring an additional 3,571 shares during the last quarter. 25.66% of the stock is currently 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.