Short Interest in Corsair Gaming, Inc. (NASDAQ:CRSR) Expands By 19.8%

Corsair Gaming, Inc. (NASDAQ:CRSR - Get Free Report) was the recipient of a significant increase in short interest in the month of May. As of May 15th, there was short interest totalling 4,060,000 shares, an increase of 19.8% from the April 30th total of 3,390,000 shares. Based on an average daily volume of 1,010,000 shares, the days-to-cover ratio is presently 4.0 days. Approximately 9.0% of the shares of the company are sold short.

Corsair Gaming Price Performance

Shares of NASDAQ:CRSR traded up $0.13 during trading on Friday, reaching $9.18. 438,127 shares of the company traded hands, compared to its average volume of 758,100. The firm has a market capitalization of $971.44 million, a PE ratio of -9.66 and a beta of 1.77. Corsair Gaming has a 52 week low of $5.60 and a 52 week high of $13.02. The company has a quick ratio of 0.92, a current ratio of 1.57 and a debt-to-equity ratio of 0.27. The company's 50 day moving average is $7.57 and its two-hundred day moving average is $8.48.

Corsair Gaming (NASDAQ:CRSR - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The company reported $0.11 EPS for the quarter, missing analysts' consensus estimates of $0.13 by ($0.02). The company had revenue of $369.75 million during the quarter, compared to analyst estimates of $366.20 million. Corsair Gaming had a negative net margin of 7.53% and a negative return on equity of 4.62%. The firm's revenue for the quarter was up 9.6% compared to the same quarter last year. During the same period last year, the firm earned $0.09 EPS. As a group, sell-side analysts predict that Corsair Gaming will post 0.22 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on CRSR shares. The Goldman Sachs Group decreased their target price on Corsair Gaming from $11.00 to $8.00 and set a "neutral" rating on the stock in a research report on Thursday, May 8th. Robert W. Baird set a $10.00 price target on Corsair Gaming in a research note on Wednesday, May 7th. Wall Street Zen cut Corsair Gaming from a "buy" rating to a "hold" rating in a research report on Thursday, May 22nd. Wedbush reissued an "outperform" rating and issued a $13.00 target price on shares of Corsair Gaming in a research report on Monday, May 5th. Finally, Barclays lowered their price target on shares of Corsair Gaming from $12.00 to $10.00 and set an "overweight" rating on the stock in a research report on Thursday, May 8th. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, Corsair Gaming presently has a consensus rating of "Moderate Buy" and an average target price of $10.00.

Insiders Place Their Bets

In other Corsair Gaming news, CFO Michael G. Potter sold 4,124 shares of the stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $10.08, for a total value of $41,569.92. Following the transaction, the chief financial officer now directly owns 125,650 shares of the company's stock, valued at $1,266,552. This represents a 3.18% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 58.38% of the company's stock.

Institutional Trading of Corsair Gaming

A number of institutional investors and hedge funds have recently made changes to their positions in the company. PNC Financial Services Group Inc. raised its position in Corsair Gaming by 220.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 4,965 shares of the company's stock valued at $33,000 after purchasing an additional 3,414 shares in the last quarter. BNP Paribas acquired a new stake in shares of Corsair Gaming in the 4th quarter valued at $33,000. Quarry LP bought a new position in shares of Corsair Gaming in the 4th quarter valued at $34,000. KLP Kapitalforvaltning AS acquired a new position in shares of Corsair Gaming during the 4th quarter worth $50,000. Finally, Quadrant Capital Group LLC raised its holdings in shares of Corsair Gaming by 45.8% during the 4th quarter. Quadrant Capital Group LLC now owns 8,083 shares of the company's stock worth $53,000 after buying an additional 2,538 shares in the last quarter. Institutional investors own 25.66% of the company's stock.

Corsair Gaming Company Profile

Corsair Gaming, Inc, together with its subsidiaries, designs, develops, markets, and sells gaming and streaming peripherals, components and systems in the Americas, Europe, the Middle East, and the Asia Pacific. It offers gamer and creator peripherals, including gaming keyboards, mice, headsets, controllers, and streaming products, such as capture cards, stream decks, microphones and audio interfaces, facecam streaming cameras, studio accessories, gaming furniture, and other related products.