GameStop (NYSE:GME) Reaches New 1-Year High – Here’s What Happened

GameStop Corp. (NYSE:GME)’s stock price reached a new 52-week high on Monday. The stock traded as high as $26.95 and last traded at $26.74, with a volume of 4,570,120 shares trading hands. The stock had previously closed at $26.56.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on GME shares. Wall Street Zen downgraded GameStop from a “buy” rating to a “hold” rating in a report on Monday, September 7th. Weiss Ratings restated a “hold (c)” rating on shares of GameStop in a research note on Wednesday, July 29th. One analyst has rated the stock with a Hold rating. According to MarketBeat, the company presently has an average rating of “Hold”.

GameStop Stock Up 1.0%

The company has a market capitalization of $13.54 billion, a price-to-earnings ratio of 17.63 and a beta of 1.63. The company has a quick ratio of 8.07, a current ratio of 8.72 and a debt-to-equity ratio of 0.68. The firm has a 50 day moving average price of $20.84 and a two-hundred day moving average price of $21.98.

GameStop (NYSE:GME) last released its quarterly earnings results on Tuesday, September 8th. The company reported $0.27 EPS for the quarter, hitting the consensus estimate of $0.27. GameStop had a return on equity of 13.57% and a net margin of 25.16%. The business had revenue of $790.20 million for the quarter, compared to analysts’ expectations of $756.85 million. During the same quarter in the previous year, the firm posted $0.31 earnings per share. The company’s revenue was down 18.7% compared to the same quarter last year.

Insider Activity at GameStop

In related news, Director Nat Turner acquired 10,462 shares of GameStop stock in a transaction on Thursday, October 1st. The shares were purchased at an average cost of $24.33 per share, for a total transaction of $254,540.46. Following the purchase, the director directly owned 10,462 shares of the company’s stock, valued at $254,540.46. The trade was a ∞ increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Daniel Moore sold 7,297 shares of the business’s stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $24.26, for a total transaction of $177,025.22. Following the completion of the sale, the insider directly owned 107,828 shares of the company’s stock, valued at $2,615,907.28. The trade was a 6.34% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders bought 3,388,642 shares of company stock worth $76,220,115 and sold 18,475 shares worth $452,707. Corporate insiders own 9.50% of the company’s stock.

Hedge Funds Weigh In On GameStop

Several large investors have recently modified their holdings of GME. Rockefeller Capital Management L.P. raised its stake in GameStop by 805.6% during the fourth quarter. Rockefeller Capital Management L.P. now owns 2,264 shares of the company’s stock valued at $45,000 after buying an additional 2,014 shares in the last quarter. Global Assets Advisory LLC acquired a new position in shares of GameStop in the 1st quarter worth approximately $60,000. Caitong International Asset Management Co. Ltd bought a new stake in shares of GameStop in the 4th quarter valued at approximately $54,000. CX Institutional raised its position in shares of GameStop by 537.1% during the 2nd quarter. CX Institutional now owns 3,313 shares of the company’s stock valued at $73,000 after acquiring an additional 2,793 shares in the last quarter. Finally, Lido Advisors LLC acquired a new stake in shares of GameStop during the 1st quarter valued at approximately $210,000. Institutional investors own 29.21% of the company’s stock.

About GameStop

GameStop Corp. is a multichannel retailer focused on video game products and related entertainment merchandise. The company sells new and pre-owned video game hardware, software, accessories and consumer electronics through its retail stores and e-commerce websites. Its product offerings include gaming consoles, controllers, headsets, games and other equipment for major platforms.

GameStop also sells collectibles, apparel, toys, trading cards and other products connected to video games and popular culture.