Clear Street Group Inc. Makes New Investment in GameStop Corp. $GME

Key Points

• Clear Street Group opened a new position in GameStop, acquiring 1,098,657 shares in Q3 valued at about $29.97 million and representing roughly 0.25% of the company.
• CEO Ryan Cohen bought 500,000 shares at an average $21.12 (~$10.56 million), raising his stake to 37,847,842 shares; insiders net bought 517,000 shares last quarter and now own 8.58% of GME.
• Analyst sentiment is mixed: Weiss Ratings upgraded GME to a "hold," but the consensus remains "Reduce" with a $13.50 target, while the stock trades near $23.52 with a $10.54 billion market cap and a P/E of 28.68.

Clear Street Group Inc. acquired a new position in GameStop Corp. (NYSE:GME - Free Report) during the third quarter, according to its most recent 13F filing with the SEC. The firm acquired 1,098,657 shares of the company's stock, valued at approximately $29,971,000. Clear Street Group Inc. owned 0.25% of GameStop at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of GME. California Public Employees Retirement System grew its holdings in shares of GameStop by 2.8% during the 3rd quarter. California Public Employees Retirement System now owns 302,813 shares of the company's stock worth $8,261,000 after purchasing an additional 8,378 shares during the period. Bank of Nova Scotia increased its position in GameStop by 62.9% during the 3rd quarter. Bank of Nova Scotia now owns 18,105 shares of the company's stock worth $494,000 after purchasing an additional 6,992 shares in the last quarter. Ameriprise Financial Inc. raised its holdings in GameStop by 31.2% in the third quarter. Ameriprise Financial Inc. now owns 480,944 shares of the company's stock valued at $13,120,000 after buying an additional 114,252 shares during the period. Schonfeld Strategic Advisors LLC purchased a new position in GameStop in the third quarter valued at approximately $247,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in GameStop by 5.7% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 121,256 shares of the company's stock valued at $3,308,000 after buying an additional 6,551 shares in the last quarter. 29.21% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings upgraded shares of GameStop from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Monday, February 2nd. One research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, GameStop presently has an average rating of "Reduce" and a consensus target price of $13.50.

GameStop Trading Down 3.7%

Shares of GME opened at $23.52 on Friday. GameStop Corp. has a 12 month low of $19.93 and a 12 month high of $35.81. The stock's 50-day moving average is $23.29 and its two-hundred day moving average is $23.10. The company has a debt-to-equity ratio of 0.78, a current ratio of 10.39 and a quick ratio of 9.77. The stock has a market cap of $10.54 billion, a PE ratio of 28.68 and a beta of 2.12.

Insider Buying and Selling at GameStop

In related news, CEO Ryan Cohen purchased 500,000 shares of GameStop stock in a transaction that occurred on Tuesday, January 20th. The shares were purchased at an average cost of $21.12 per share, with a total value of $10,560,000.00. Following the transaction, the chief executive officer owned 37,847,842 shares of the company's stock, valued at approximately $799,346,423.04. The trade was a 1.34% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, General Counsel Mark Haymond Robinson sold 12,200 shares of the company's stock in a transaction that occurred on Monday, January 12th. The stock was sold at an average price of $21.00, for a total value of $256,200.00. Following the completion of the transaction, the general counsel owned 105,155 shares of the company's stock, valued at approximately $2,208,255. This represents a 10.40% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders bought 517,000 shares of company stock worth $10,925,150 and sold 23,152 shares worth $480,059. Corporate insiders own 8.58% of the company's stock.

About GameStop

GameStop Corp. NYSE: GME is a global specialty retailer focused on video games, gaming consoles, consumer electronics and related accessories. The company operates a network of physical retail stores alongside an e-commerce platform, offering new and pre-owned products spanning the latest game software, hardware, collectibles and lifestyle merchandise. GameStop's retail footprint is complemented by digital marketplaces for trade-ins and online purchases, as well as a membership program that provides exclusive content and rewards.

Originally founded in 1984 as Babbage's in Dallas, Texas, the company adopted the GameStop name in 1999 following its merger with Software Etc.

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