Corsair Gaming (NASDAQ:CRSR) Trading Down 5% - Time to Sell?

Key Points

• Corsair Gaming's stock price dropped by 5% to $8.22, with a significant decline in trading volume, down 89% from average daily volumes.
• Wall Street analysts have upgraded Corsair Gaming to a consensus rating of "Moderate Buy" with an average price target of $9.86.
• The company reported a revenue increase of 22.5% year-over-year, achieving earnings of $0.01 per share, in line with analyst expectations.

Corsair Gaming, Inc. (NASDAQ:CRSR - Get Free Report)'s stock price was down 5% during mid-day trading on Thursday . The company traded as low as $8.36 and last traded at $8.22. Approximately 96,641 shares were traded during trading, a decline of 89% from the average daily volume of 849,635 shares. The stock had previously closed at $8.65.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on CRSR shares. Wall Street Zen upgraded Corsair Gaming from a "hold" rating to a "buy" rating in a report on Friday, June 27th. Barclays upgraded Corsair Gaming to a "strong-buy" rating in a report on Friday, August 8th. Finally, B. Riley started coverage on Corsair Gaming in a report on Thursday. They set a "neutral" rating and a $10.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $9.86.

Corsair Gaming Stock Down 8.4%

The firm has a 50-day moving average of $8.84 and a 200 day moving average of $8.61. The stock has a market capitalization of $840.37 million, a price-to-earnings ratio of -9.78 and a beta of 1.76. The company has a current ratio of 1.45, a quick ratio of 0.75 and a debt-to-equity ratio of 0.20.

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

Hedge Funds Weigh In On Corsair Gaming

Institutional investors have recently made changes to their positions in the business. Palisade Capital Management LP raised its position in shares of Corsair Gaming by 3.5% in the 1st quarter. Palisade Capital Management LP now owns 2,416,490 shares of the company's stock valued at $21,410,000 after purchasing an additional 81,376 shares in the last quarter. Jump Financial LLC raised its position in shares of Corsair Gaming by 124.4% in the 1st quarter. Jump Financial LLC now owns 102,690 shares of the company's stock valued at $910,000 after purchasing an additional 56,921 shares in the last quarter. Squarepoint Ops LLC raised its position in shares of Corsair Gaming by 324.6% in the 4th quarter. Squarepoint Ops LLC now owns 63,222 shares of the company's stock valued at $418,000 after purchasing an additional 48,332 shares in the last quarter. American Century Companies Inc. acquired a new position in shares of Corsair Gaming in the 1st quarter valued at approximately $354,000. Finally, Two Sigma Investments LP raised its position in shares of Corsair Gaming by 230.2% in the 4th quarter. Two Sigma Investments LP now owns 62,640 shares of the company's stock valued at $414,000 after purchasing an additional 43,668 shares in the last quarter. 25.66% of the stock is owned by institutional investors and hedge funds.

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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