Advent Capital Management DE Buys New Shares in GameStop Corp. (NYSE:GME)

Key Points

• Advent Capital Management DE has acquired a new stake in GameStop Corp., purchasing 13,900 shares valued at approximately $310,000.
• GameStop reported earnings of $0.17 per share for the last quarter, exceeding expectations but showing a 16.9% decline in year-over-year revenue.
• Insider trading activity included a sale of 11,055 shares by the General Counsel, reducing corporate insider ownership to 12.28% of total shares.

Advent Capital Management DE bought a new stake in shares of GameStop Corp. (NYSE:GME - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 13,900 shares of the company's stock, valued at approximately $310,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Bessemer Group Inc. lifted its position in GameStop by 67.2% during the fourth quarter. Bessemer Group Inc. now owns 1,720 shares of the company's stock valued at $54,000 after purchasing an additional 691 shares in the last quarter. UMB Bank n.a. lifted its position in shares of GameStop by 100.6% in the first quarter. UMB Bank n.a. now owns 3,651 shares of the company's stock valued at $81,000 after acquiring an additional 1,831 shares in the last quarter. US Bancorp DE lifted its position in shares of GameStop by 92.5% in the first quarter. US Bancorp DE now owns 3,726 shares of the company's stock valued at $83,000 after acquiring an additional 1,790 shares in the last quarter. Bogart Wealth LLC lifted its position in shares of GameStop by 100.0% in the first quarter. Bogart Wealth LLC now owns 4,000 shares of the company's stock valued at $89,000 after acquiring an additional 2,000 shares in the last quarter. Finally, SBI Securities Co. Ltd. lifted its position in shares of GameStop by 31.8% in the first 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 currently owned by hedge funds and other institutional investors.

GameStop Price Performance

Shares of GameStop stock opened at $22.25 on Friday. The stock's 50-day simple moving average is $24.25 and its 200-day simple moving average is $25.50. GameStop Corp. has a 52 week low of $19.31 and a 52 week high of $35.81. The company has a market capitalization of $9.95 billion, a price-to-earnings ratio of 48.37 and a beta of -0.72. 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 announced its quarterly earnings data on Tuesday, June 10th. The company reported $0.17 EPS for the quarter, beating the consensus estimate of $0.04 by $0.13. The business had revenue of $732.40 million for the quarter, compared to the consensus estimate of $754.23 million. GameStop had a return on equity of 5.25% and a net margin of 5.67%. The business's revenue was down 16.9% on a year-over-year basis. During the same period in the previous year, the business earned ($0.12) earnings per share. As a group, analysts expect that GameStop Corp. will post 0.08 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Wedbush upgraded GameStop to a "strong sell" rating in a research report on Tuesday, July 1st.

Insider Activity at GameStop

In related news, General Counsel Mark Haymond Robinson sold 11,055 shares of the business's stock in a transaction dated Wednesday, July 23rd. The stock was sold at an average price of $24.18, for a total value of $267,309.90. Following the sale, the general counsel directly owned 116,781 shares in the company, valued at approximately $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 Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold 13,075 shares of company stock valued at $315,685 in the last quarter. 12.28% of the stock is currently owned by insiders.

About GameStop

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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