Corsair Gaming (NASDAQ:CRSR) Price Target Raised to $13.00

Key Points

• Wedbush raised Corsair Gaming’s price target to $13 from $8 and maintained an “outperform” rating, implying 22.53% upside from the prior close.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and an average target price of $10.29; Roth Capital has the highest target at $15.
• Corsair exceeded quarterly expectations, reporting $0.27 in EPS versus the $0.18 consensus and revenue of $354.51 million, although revenue declined 4.1% year over year.

Corsair Gaming (NASDAQ:CRSR - Get Free Report) had its price target hoisted by Wedbush from $8.00 to $13.00 in a report released on Monday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Wedbush's price objective points to a potential upside of 22.53% from the stock's previous close.

CRSR has been the subject of several other reports. Craig Hallum restated a "hold" rating and set a $10.00 price objective on shares of Corsair Gaming in a research note on Monday, June 1st. Zacks Research raised shares of Corsair Gaming from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 7th. Weiss Ratings upgraded shares of Corsair Gaming from a "sell (e+)" rating to a "sell (d)" rating in a research report on Monday, May 11th. Wall Street Zen raised Corsair Gaming from a "buy" rating to a "strong-buy" rating in a research report on Saturday, June 20th. Finally, Roth Capital started coverage on Corsair Gaming in a research note on Wednesday, July 22nd. They set a "buy" rating and a $15.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $10.29.

Corsair Gaming Price Performance

Shares of CRSR opened at $10.61 on Monday. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.74 and a quick ratio of 0.95. The company's fifty day moving average price is $9.50 and its 200-day moving average price is $7.18. Corsair Gaming has a 1-year low of $4.48 and a 1-year high of $13.10. The firm has a market capitalization of $1.13 billion, a PE ratio of 132.64 and a beta of 1.85.

Corsair Gaming (NASDAQ:CRSR - Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.27 EPS for the quarter, topping analysts' consensus estimates of $0.18 by $0.09. Corsair Gaming had a return on equity of 9.71% and a net margin of 0.71%.The company had revenue of $354.51 million during the quarter, compared to analysts' expectations of $351.58 million. During the same quarter in the previous year, the firm posted $0.11 EPS. The firm's revenue was down 4.1% compared to the same quarter last year. On average, equities research analysts predict that Corsair Gaming will post 0.48 EPS for the current year.

Institutional Trading of Corsair Gaming

Several large investors have recently made changes to their positions in the company. Invesco Ltd. boosted its stake in Corsair Gaming by 144.4% during the 4th quarter. Invesco Ltd. now owns 1,330,581 shares of the company's stock worth $7,904,000 after purchasing an additional 786,049 shares during the last quarter. Millennium Management LLC raised its position in shares of Corsair Gaming by 506.2% in the fourth quarter. Millennium Management LLC now owns 635,798 shares of the company's stock valued at $3,777,000 after buying an additional 530,914 shares during the last quarter. Arrowstreet Capital Limited Partnership acquired a new stake in shares of Corsair Gaming in the third quarter valued at about $3,877,000. Massachusetts Financial Services Co. MA lifted its stake in shares of Corsair Gaming by 15.2% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 3,042,943 shares of the company's stock worth $18,075,000 after buying an additional 401,171 shares in the last quarter. Finally, AQR Capital Management LLC lifted its stake in shares of Corsair Gaming by 328.9% in the second quarter. AQR Capital Management LLC now owns 397,881 shares of the company's stock worth $3,752,000 after buying an additional 305,103 shares in 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.

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