Soviero Asset Management LP Buys Shares of 65,000 GameStop Corp. (NYSE:GME)

Soviero Asset Management LP purchased a new stake in GameStop Corp. (NYSE:GME - Free Report) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 65,000 shares of the company's stock, valued at approximately $2,037,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in GME. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of GameStop by 223.5% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 990 shares of the company's stock worth $31,000 after purchasing an additional 684 shares during the last quarter. New Wave Wealth Advisors LLC purchased a new position in shares of GameStop in the fourth quarter worth about $37,000. R Squared Ltd purchased a new position in shares of GameStop in the fourth quarter worth about $51,000. Bessemer Group Inc. raised its stake in shares of GameStop by 67.2% in the fourth quarter. Bessemer Group Inc. now owns 1,720 shares of the company's stock worth $54,000 after purchasing an additional 691 shares during the last quarter. Finally, UMB Bank n.a. raised its stake in shares of GameStop by 59.9% in the fourth quarter. UMB Bank n.a. now owns 1,820 shares of the company's stock worth $57,000 after purchasing an additional 682 shares during the last quarter. 29.21% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently commented on GME. Wedbush set a $11.50 target price on GameStop in a report on Wednesday, March 26th. Wall Street Zen raised GameStop from a "sell" rating to a "hold" rating in a report on Thursday, March 27th.

GameStop Trading Up 7.5%

GME traded up $2.33 during trading on Friday, hitting $33.19. The company's stock had a trading volume of 30,274,875 shares, compared to its average volume of 16,905,204. GameStop Corp. has a twelve month low of $17.70 and a twelve month high of $48.00. The business's fifty day simple moving average is $26.22 and its 200 day simple moving average is $27.09. The firm has a market capitalization of $14.85 billion, a price-to-earnings ratio of 184.39 and a beta of -0.76.

GameStop (NYSE:GME - Get Free Report) last issued its quarterly earnings results on Tuesday, March 25th. The company reported $0.30 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.09 by $0.21. The firm had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.48 billion. GameStop had a return on equity of 2.11% and a net margin of 1.45%. The business's revenue was down 28.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.21 earnings per share. As a group, equities research analysts forecast that GameStop Corp. will post 0.08 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other GameStop news, General Counsel Mark Haymond Robinson sold 4,687 shares of the business's stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $22.53, for a total transaction of $105,598.11. Following the transaction, the general counsel now owns 37,663 shares of the company's stock, valued at approximately $848,547.39. The trade was a 11.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Daniel William Moore sold 1,608 shares of the business's stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $22.53, for a total value of $36,228.24. Following the transaction, the insider now directly owns 29,777 shares in the company, valued at $670,875.81. This trade represents a 5.12% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have purchased 515,000 shares of company stock valued at $11,140,200. Insiders own 12.28% of the company's stock.

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.