2,354,779 Shares in GameStop Corp. $GME Acquired by Clear Street LLC

Key Points

• Clear Street LLC opened a new position in GameStop, buying 2,354,779 shares (~$57.43M), equal to 0.53% of the company and making GME its 12th largest holding.
• Institutional investors own 29.21% of GME with notable activity such as JPMorgan adding 226,234 shares, while insiders (including the general counsel and Daniel Moore) recently sold shares, leaving insiders with 8.58% ownership.
• Analysts have a consensus "Reduce" rating and a $13.50 target on GME, even though the company recently beat quarterly EPS ($0.25 vs. $0.19) and reported year-over-year revenue growth.

Clear Street LLC purchased a new position in GameStop Corp. (NYSE:GME - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 2,354,779 shares of the company's stock, valued at approximately $57,433,000. GameStop comprises 0.2% of Clear Street LLC's holdings, making the stock its 12th biggest holding. Clear Street LLC owned 0.53% of GameStop as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Virtu Financial LLC acquired a new stake in shares of GameStop during the first quarter worth $1,442,000. JPMorgan Chase & Co. increased its stake in GameStop by 28.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 1,025,993 shares of the company's stock worth $25,024,000 after purchasing an additional 226,234 shares in the last quarter. Bayforest Capital Ltd raised its holdings in GameStop by 654.6% during the 1st quarter. Bayforest Capital Ltd now owns 15,212 shares of the company's stock worth $340,000 after buying an additional 13,196 shares during the period. Triumph Capital Management lifted its stake in GameStop by 194.6% during the second quarter. Triumph Capital Management now owns 35,155 shares of the company's stock valued at $857,000 after buying an additional 23,222 shares in the last quarter. Finally, Northern Trust Corp lifted its stake in GameStop by 0.4% during the first quarter. Northern Trust Corp now owns 3,183,116 shares of the company's stock valued at $71,047,000 after buying an additional 11,813 shares in the last quarter. Institutional investors and hedge funds own 29.21% of the company's stock.

Insider Buying and Selling at GameStop

In other GameStop news, General Counsel Mark Haymond Robinson sold 4,449 shares of the company's stock in a transaction dated Thursday, October 2nd. The stock was sold at an average price of $27.58, for a total value of $122,703.42. Following the transaction, the general counsel directly owned 112,302 shares of the company's stock, valued at $3,097,289.16. This represents a 3.81% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Daniel William Moore sold 6,509 shares of the firm's stock in a transaction dated Thursday, October 2nd. The stock was sold at an average price of $27.58, for a total value of $179,518.22. Following the sale, the insider directly owned 112,620 shares of the company's stock, valued at $3,106,059.60. This trade represents a 5.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 8.58% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Separately, Weiss Ratings reissued a "hold (c)" rating on shares of GameStop in a research report on Thursday. One analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of "Reduce" and a consensus target price of $13.50.

GameStop Price Performance

Shares of GME opened at $22.98 on Friday. The business's 50-day moving average is $22.83 and its 200-day moving average is $24.10. The company has a debt-to-equity ratio of 0.80, a current ratio of 11.37 and a quick ratio of 10.79. The company has a market capitalization of $10.29 billion, a price-to-earnings ratio of 31.48 and a beta of -1.30. GameStop Corp. has a fifty-two week low of $19.93 and a fifty-two week high of $35.81.

GameStop (NYSE:GME - Get Free Report) last posted its quarterly earnings results on Tuesday, September 9th. The company reported $0.25 EPS for the quarter, topping the consensus estimate of $0.19 by $0.06. The business had revenue of $972.20 million during the quarter, compared to analysts' expectations of $823.25 million. GameStop had a net margin of 9.41% and a return on equity of 7.72%. The firm's quarterly revenue was up 21.8% compared to the same quarter last year. During the same period last year, the company posted $0.04 earnings per share. Equities research analysts expect that GameStop Corp. will post 0.08 EPS for the current fiscal year.

GameStop 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.

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