Corsair Gaming (NASDAQ:CRSR) Shares Gap Up – Here’s Why

Corsair Gaming, Inc. (NASDAQ:CRSR) shares gapped up before the market opened on Wednesday . The stock had previously closed at $9.88, but opened at $10.34. Corsair Gaming shares last traded at $10.7150, with a volume of 365,489 shares changing hands.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Wedbush boosted their price objective on Corsair Gaming from $7.00 to $8.00 and gave the stock an “outperform” rating in a research report on Friday, May 8th. Weiss Ratings raised Corsair Gaming from a “sell (e+)” rating to a “sell (d)” rating in a research report on Monday, May 11th. Craig Hallum reiterated a “hold” rating and set a $10.00 target price on shares of Corsair Gaming in a research note on Monday, June 1st. Wall Street Zen raised shares of Corsair Gaming from a “buy” rating to a “strong-buy” rating in a report on Saturday, June 20th. Finally, Zacks Research upgraded shares of Corsair Gaming from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $9.29.

Corsair Gaming Stock Performance

The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.95 and a current ratio of 1.74. The company has a market cap of $1.15 billion, a PE ratio of 135.02 and a beta of 1.85. The company’s 50 day moving average price is $8.97 and its 200-day moving average price is $6.93.

Corsair Gaming (NASDAQ:CRSR) last posted its quarterly earnings data on Thursday, May 7th. The company reported $0.27 EPS for the quarter, beating the consensus estimate of $0.18 by $0.09. Corsair Gaming had a return on equity of 9.71% and a net margin of 0.71%.The business had revenue of $354.51 million for the quarter, compared to the consensus estimate of $351.58 million. During the same quarter in the prior year, the business earned $0.11 earnings per share. Corsair Gaming’s revenue for the quarter was down 4.1% on a year-over-year basis. Equities research analysts anticipate that Corsair Gaming, Inc. will post 0.46 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in CRSR. Byrne Asset Management LLC purchased a new stake in Corsair Gaming in the 2nd quarter worth about $147,000. Bank of America Corp DE raised its stake in Corsair Gaming by 149.5% in the 1st quarter. Bank of America Corp DE now owns 230,700 shares of the company’s stock valued at $1,280,000 after acquiring an additional 138,242 shares during the period. Arrowstreet Capital Limited Partnership raised its stake in Corsair Gaming by 160.2% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 123,537 shares of the company’s stock valued at $686,000 after acquiring an additional 76,054 shares during the period. Cetera Investment Advisers purchased a new stake in Corsair Gaming during the first quarter valued at about $56,000. Finally, First Trust Advisors LP purchased a new stake in Corsair Gaming during the first quarter valued at about $606,000. Hedge funds and other institutional investors 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.