GameStop Corp. (NYSE:GME) Stake Lowered by Bank of America Corp DE

Bank of America Corp DE cut its stake in GameStop Corp. (NYSE:GME - Free Report) by 52.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 56,215 shares of the company's stock after selling 62,693 shares during the quarter. Bank of America Corp DE's holdings in GameStop were worth $1,762,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in GameStop by 223.5% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 990 shares of the company's stock valued at $31,000 after purchasing an additional 684 shares during the period. Bessemer Group Inc. raised its position in GameStop by 67.2% in 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 during the period. Nomura Asset Management Co. Ltd. raised its position in GameStop by 32.3% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 2,130 shares of the company's stock valued at $67,000 after purchasing an additional 520 shares during the period. SBI Securities Co. Ltd. purchased a new position in GameStop in the fourth quarter valued at about $99,000. Finally, Kentucky Retirement Systems Insurance Trust Fund purchased a new stake in shares of GameStop during the fourth quarter worth about $130,000. 29.21% of the stock is owned by hedge funds and other institutional investors.

GameStop Stock Down 1.7%

GME stock traded down $0.51 during midday trading on Thursday, reaching $29.44. The company had a trading volume of 6,309,692 shares, compared to its average volume of 15,613,215. The stock has a 50 day moving average price of $27.31 and a 200 day moving average price of $27.39. GameStop Corp. has a fifty-two week low of $18.73 and a fifty-two week high of $48.00. The firm has a market capitalization of $13.17 billion, a PE ratio of 163.54 and a beta of -0.76.

GameStop (NYSE:GME - Get Free Report) last issued its quarterly earnings data on Tuesday, March 25th. The company reported $0.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.09 by $0.21. The business had revenue of $1.28 billion during the quarter, compared to the consensus estimate 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 firm posted $0.21 earnings per share. Research analysts predict that GameStop Corp. will post 0.08 EPS for the current year.

Insider Buying and Selling

In related news, Director Lawrence Cheng purchased 5,000 shares of the stock in a transaction dated Thursday, April 3rd. The shares were acquired at an average cost of $21.54 per share, for a total transaction of $107,700.00. Following the acquisition, the director now directly owns 83,000 shares in the company, valued at approximately $1,787,820. The trade was a 6.41% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, General Counsel Mark Haymond Robinson sold 4,687 shares of the business's stock in a transaction on Wednesday, April 2nd. The shares were 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 in the company, valued at approximately $848,547.39. This represents a 11.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have bought a total of 515,000 shares of company stock valued at $11,140,200 over the last quarter. Corporate insiders own 12.28% of the company's stock.

Analysts Set New Price Targets

GME has been the topic of a number of analyst reports. Wall Street Zen raised GameStop from a "sell" rating to a "hold" rating in a research report on Thursday, March 27th. Wedbush set a $11.50 target price on GameStop in a research note on Wednesday, March 26th.

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.