GameStop (NYSE:GME) Trading 7% Higher – Here’s Why

GameStop Corp. (NYSE:GME)’s stock price traded up 7% during trading on Wednesday . The stock traded as high as $29.75 and last traded at $29.49. 13,743,585 shares traded hands during mid-day trading, a decline of 29% from the average session volume of 19,330,438 shares. The stock had previously closed at $27.57.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. StockNews.com upgraded shares of GameStop to a “sell” rating in a research note on Saturday, October 19th. Wedbush decreased their price target on shares of GameStop from $11.00 to $10.00 and set an “underperform” rating for the company in a research note on Wednesday, September 11th.

GameStop Trading Up 0.3 %

The company’s fifty day moving average is $22.63 and its 200 day moving average is $23.60. The company has a market capitalization of $11.90 billion, a P/E ratio of 214.15 and a beta of -0.13.

GameStop (NYSE:GME) last announced its quarterly earnings results on Tuesday, September 10th. The company reported $0.01 EPS for the quarter, beating the consensus estimate of ($0.08) by $0.09. GameStop had a net margin of 0.93% and a return on equity of 1.79%. The firm had revenue of $798.30 million during the quarter, compared to the consensus estimate of $895.67 million. During the same period last year, the firm earned ($0.03) EPS. The business’s quarterly revenue was down 31.4% compared to the same quarter last year. Equities research analysts predict that GameStop Corp. will post 0.01 EPS for the current year.

Insider Buying and Selling at GameStop

In other news, General Counsel Mark Haymond Robinson sold 4,667 shares of the firm’s stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $21.96, for a total transaction of $102,487.32. Following the sale, the general counsel now owns 54,927 shares in the company, valued at approximately $1,206,196.92. This trade represents a 7.83 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Daniel William Moore sold 2,624 shares of the firm’s stock in a transaction on Friday, October 11th. The shares were sold at an average price of $21.00, for a total transaction of $55,104.00. Following the sale, the insider now owns 32,280 shares in the company, valued at approximately $677,880. This trade represents a 7.52 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 22,639 shares of company stock valued at $481,000 in the last three months. Company insiders own 12.28% of the company’s stock.

Institutional Trading of GameStop

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Algert Global LLC purchased a new position in GameStop in the 2nd quarter worth $1,003,000. Swiss National Bank raised its position in GameStop by 46.0% in the 3rd quarter. Swiss National Bank now owns 790,528 shares of the company’s stock worth $18,127,000 after purchasing an additional 249,100 shares during the period. Mutual of America Capital Management LLC raised its position in GameStop by 35.9% in the 3rd quarter. Mutual of America Capital Management LLC now owns 209,616 shares of the company’s stock worth $4,806,000 after purchasing an additional 55,346 shares during the period. Amalgamated Bank raised its position in GameStop by 35.1% in the 3rd quarter. Amalgamated Bank now owns 184,258 shares of the company’s stock worth $4,225,000 after purchasing an additional 47,894 shares during the period. Finally, Cubist Systematic Strategies LLC purchased a new position in GameStop in the 2nd quarter worth $9,577,000. Hedge funds and other institutional investors own 29.21% of the company’s stock.

GameStop Company Profile

GameStop Corp., a specialty retailer, provides games and entertainment products through its stores and ecommerce platforms in the United States, Canada, Australia, and Europe. The company sells new and pre-owned gaming platforms; accessories, such as controllers, gaming headsets, and virtual reality products; new and pre-owned gaming software; and in-game digital currency, digital downloadable content, and full-game downloads.