Bayforest Capital Ltd Raises Holdings in GameStop Corp. $GME

Key Points

• Bayforest Capital Ltd increased its holdings in GameStop Corp. by 221.7% during Q2, now owning 48,936 shares worth approximately $1.19 million.
• GameStop reported Q2 earnings of $0.25 per share, surpassing estimates and showing a 21.8% increase in quarterly revenue compared to the previous year.
• Insider sales included the sale of 6,509 shares by Daniel William Moore at an average price of $27.58, reducing their ownership by 5.46%.

Bayforest Capital Ltd lifted its holdings in GameStop Corp. (NYSE:GME - Free Report) by 221.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 48,936 shares of the company's stock after acquiring an additional 33,724 shares during the period. GameStop accounts for approximately 0.5% of Bayforest Capital Ltd's holdings, making the stock its 14th biggest holding. Bayforest Capital Ltd's holdings in GameStop were worth $1,194,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the business. Fifth Third Bancorp lifted its holdings in shares of 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 during the last quarter. Louisiana State Employees Retirement System lifted its stake in GameStop by 0.5% in the second quarter. Louisiana State Employees Retirement System now owns 114,500 shares of the company's stock worth $2,793,000 after purchasing an additional 600 shares during the last quarter. UMB Bank n.a. lifted its stake in GameStop by 17.4% in the second quarter. UMB Bank n.a. now owns 4,287 shares of the company's stock worth $105,000 after purchasing an additional 636 shares during the last quarter. Scratch Capital LLC lifted its stake in GameStop by 2.9% in the second quarter. Scratch Capital LLC now owns 24,253 shares of the company's stock worth $592,000 after purchasing an additional 683 shares during the last quarter. Finally, State of Wyoming lifted its stake in GameStop by 11.0% in the first quarter. State of Wyoming now owns 7,688 shares of the company's stock worth $172,000 after purchasing an additional 759 shares during the last quarter. Institutional investors own 29.21% of the company's stock.

GameStop Price Performance

NYSE GME opened at $23.56 on Tuesday. The firm's fifty day simple moving average is $24.14 and its two-hundred day simple moving average is $25.20. The company has a current ratio of 11.37, a quick ratio of 10.79 and a debt-to-equity ratio of 0.80. GameStop Corp. has a 12-month low of $20.35 and a 12-month high of $35.81. The firm has a market capitalization of $10.55 billion, a P/E ratio of 32.27 and a beta of -0.86.

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

Insiders Place Their Bets

In other news, insider Daniel William Moore sold 6,509 shares of the business's stock in a transaction on 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 of the company's stock, valued at $3,106,059.60. The trade was a 5.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel Mark Haymond Robinson sold 4,449 shares of the business's stock in a transaction on Thursday, October 2nd. The shares were sold at an average price of $27.58, for a total transaction of $122,703.42. Following the sale, the general counsel directly owned 112,302 shares in the company, valued at $3,097,289.16. This trade represents a 3.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 22,873 shares of company stock worth $589,070 over the last three months. Corporate insiders own 8.58% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on GME. Wedbush raised shares of GameStop to a "strong sell" rating in a research note on Tuesday, July 1st. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of GameStop in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, GameStop presently has a consensus rating of "Reduce" and an average price target 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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