Corsair Gaming (NASDAQ:CRSR) Stock Price Up 6.2% - Here's What Happened

Key Points

• Corsair Gaming's stock price rose by 6.2% during trading, closing at $7.87, with a notable decrease in trading volume.
• Several analysts have varying ratings on Corsair Gaming, with one firm giving it a "strong-buy" rating and a target price of $10.00, while another rated it as a "sell".
• The company's recent quarterly earnings showed a revenue increase of 22.5% year-over-year, reporting $320.11 million against analyst expectations.

Shares of Corsair Gaming, Inc. (NASDAQ:CRSR - Get Free Report) were up 6.2% during trading on Wednesday . The company traded as high as $7.90 and last traded at $7.87. Approximately 184,351 shares traded hands during mid-day trading, a decline of 79% from the average daily volume of 857,831 shares. The stock had previously closed at $7.41.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on CRSR. B. Riley started coverage on shares of Corsair Gaming in a research report on Thursday, October 2nd. They issued a "neutral" rating and a $10.00 target price for the company. Barclays raised shares of Corsair Gaming to a "strong-buy" rating in a research note on Friday, August 8th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Corsair Gaming in a research report on Wednesday. Craig Hallum assumed coverage on Corsair Gaming in a research report on Wednesday. They issued a "buy" rating and a $12.00 target price for the company. Finally, Wall Street Zen upgraded Corsair Gaming from a "hold" rating to a "buy" rating in a research note on Friday, June 27th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Corsair Gaming has an average rating of "Hold" and an average target price of $10.13.

Corsair Gaming Stock Up 6.9%

The firm has a market cap of $839.62 million, a PE ratio of -9.80 and a beta of 1.76. The stock has a 50 day simple moving average of $8.72 and a 200-day simple moving average of $8.54. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.45 and a quick ratio of 0.75.

Corsair Gaming (NASDAQ:CRSR - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported $0.01 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.01. Corsair Gaming had a negative return on equity of 3.12% and a negative net margin of 6.00%.The firm had revenue of $320.11 million during the quarter, compared to analyst estimates of $312.38 million. During the same quarter in the previous year, the firm earned ($0.07) EPS. Corsair Gaming's quarterly revenue was up 22.5% compared to the same quarter last year. Corsair Gaming has set its FY 2025 guidance at EPS. Sell-side analysts predict that Corsair Gaming, Inc. will post 0.22 EPS for the current fiscal year.

Institutional Investors Weigh In On Corsair Gaming

Several institutional investors and hedge funds have recently made changes to their positions in the company. Sunriver Management LLC bought a new stake in shares of Corsair Gaming in the 1st quarter worth $16,733,000. Driehaus Capital Management LLC bought a new stake in shares of Corsair Gaming in the first quarter worth $7,772,000. Alyeska Investment Group L.P. grew its holdings in shares of Corsair Gaming by 302.3% in the first quarter. Alyeska Investment Group L.P. now owns 914,879 shares of the company's stock worth $8,106,000 after acquiring an additional 687,477 shares during the period. AQR Capital Management LLC grew its holdings 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 acquiring an additional 305,103 shares during the period. Finally, Vanguard Group Inc. grew its holdings in shares of Corsair Gaming by 5.0% in the first quarter. Vanguard Group Inc. now owns 6,101,154 shares of the company's stock worth $54,056,000 after acquiring an additional 287,795 shares during the period. 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.

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