75,000 Shares in GameStop Corp. $GME Purchased by Monashee Investment Management LLC

Key Points

• Monashee Investment Management LLC has acquired 75,000 shares of GameStop Corp. for about $1.67 million, marking a new investment in the company.
• Institutional ownership is at 29.21% for GameStop, with various hedge funds increasing their positions in the first quarter.
• Wedbush has downgraded GameStop to a "strong sell" rating, reflecting a generally unfavorable market perspective as the stock has an average price target of $13.50.

Monashee Investment Management LLC acquired a new position in shares of GameStop Corp. (NYSE:GME - Free Report) in the first quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 75,000 shares of the company's stock, valued at approximately $1,674,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Fifth Third Bancorp grew its position in GameStop by 10.3% in the 1st quarter. Fifth Third Bancorp now owns 6,227 shares of the company's stock valued at $139,000 after acquiring an additional 579 shares in the last quarter. Scratch Capital LLC grew its position in GameStop by 3.3% in the 1st quarter. Scratch Capital LLC now owns 23,570 shares of the company's stock valued at $526,000 after acquiring an additional 750 shares in the last quarter. Xponance Inc. grew its position in GameStop by 1.7% in the 1st quarter. Xponance Inc. now owns 47,392 shares of the company's stock valued at $1,058,000 after acquiring an additional 785 shares in the last quarter. Utah Retirement Systems grew its position in GameStop by 5.0% in the 4th quarter. Utah Retirement Systems now owns 21,100 shares of the company's stock valued at $661,000 after acquiring an additional 1,000 shares in the last quarter. Finally, SBI Securities Co. Ltd. grew its position in GameStop by 31.8% in the 1st quarter. SBI Securities Co. Ltd. now owns 4,145 shares of the company's stock valued at $93,000 after acquiring an additional 1,000 shares in the last quarter. 29.21% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, Wedbush upgraded GameStop to a "strong sell" rating in a research note on Tuesday, July 1st. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, GameStop has an average rating of "Sell" and an average price target of $13.50.

GameStop Price Performance

GME stock opened at $22.6460 on Thursday. The business has a 50 day moving average price of $23.13 and a 200 day moving average price of $25.26. The stock has a market cap of $10.13 billion, a price-to-earnings ratio of 49.23 and a beta of -0.72. GameStop Corp. has a fifty-two week low of $19.31 and a fifty-two week high of $35.81. The company has a quick ratio of 7.89, a current ratio of 8.39 and a debt-to-equity ratio of 0.30.

GameStop (NYSE:GME - Get Free Report) last posted its earnings results on Tuesday, June 10th. The company reported $0.17 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.13. The firm had revenue of $732.40 million during the quarter, compared to analysts' expectations of $754.23 million. GameStop had a return on equity of 5.25% and a net margin of 5.67%.The firm's revenue was down 16.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.12) earnings per share. Equities research analysts anticipate 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 11,055 shares of GameStop stock in a transaction that occurred on Wednesday, July 23rd. The stock was sold at an average price of $24.18, for a total transaction of $267,309.90. Following the transaction, the general counsel owned 116,781 shares of the company's stock, valued at $2,823,764.58. The trade was a 8.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders sold a total of 13,075 shares of company stock worth $315,685 in the last three months. 8.58% of the stock is owned by insiders.

GameStop Company 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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