AGF Management Ltd. Makes New $2.12 Million Investment in GameStop Corp. $GME

Key Points

• AGF Management Ltd. acquired a new position of 86,886 GameStop shares in Q2 valued at approximately $2,119,000.
• Several other institutions also moved in: Alyeska Investment Group boosted its stake by 895.4% to 2,641,427 shares (~$58.96M) and Nuveen opened a ~ $33.74M position, leaving institutional investors with 29.21% ownership of GME.
• GameStop beat quarterly expectations (EPS $0.25 vs $0.19; revenue $972.2M, +21.8% YoY), but analysts' consensus is a "Reduce" with an average target of $13.50, and insiders have recently sold shares.

AGF Management Ltd. acquired a new position in shares of GameStop Corp. (NYSE:GME - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 86,886 shares of the company's stock, valued at approximately $2,119,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Alyeska Investment Group L.P. lifted its position in shares of GameStop by 895.4% during the 1st quarter. Alyeska Investment Group L.P. now owns 2,641,427 shares of the company's stock valued at $58,957,000 after acquiring an additional 2,376,051 shares during the period. Nuveen LLC acquired a new position in GameStop in the first quarter valued at about $33,741,000. Jump Financial LLC bought a new stake in GameStop during the first quarter worth about $5,725,000. Marathon Trading Investment Management LLC grew its stake in GameStop by 211.1% during the first quarter. Marathon Trading Investment Management LLC now owns 349,280 shares of the company's stock worth $7,796,000 after buying an additional 236,996 shares in the last quarter. Finally, Cubist Systematic Strategies LLC acquired a new stake in GameStop during the first quarter worth about $2,967,000. Institutional investors and hedge funds own 29.21% of the company's stock.

GameStop Stock Down 0.2%

Shares of GameStop stock opened at $21.44 on Wednesday. The stock's 50-day moving average is $24.10 and its 200 day moving average is $24.82. GameStop Corp. has a one year low of $20.73 and a one year high of $35.81. The firm has a market cap of $9.60 billion, a price-to-earnings ratio of 29.37 and a beta of -1.00. The company has a debt-to-equity ratio of 0.80, a current ratio of 11.37 and a quick ratio of 10.79.

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

Insider Activity at GameStop

In other GameStop news, General Counsel Mark Haymond Robinson sold 4,449 shares of the stock in a transaction on Thursday, October 2nd. The stock was sold at an average price of $27.58, for a total transaction of $122,703.42. Following the completion of the transaction, the general counsel directly owned 112,302 shares of the company's stock, valued at approximately $3,097,289.16. This represents a 3.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Daniel William Moore sold 6,509 shares of the company's stock in a transaction dated Thursday, October 2nd. The shares were sold at an average price of $27.58, for a total transaction of $179,518.22. Following the sale, the insider directly owned 112,620 shares in the company, valued at approximately $3,106,059.60. This trade represents a 5.46% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 11,788 shares of company stock worth $321,046. Insiders own 8.58% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings restated a "hold (c-)" rating on shares of GameStop in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Reduce" and an average target price of $13.50.

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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