Delta Global Management LP Purchases New Shares in GameStop Corp. $GME

Key Points

• Delta Global Management LP opened a new position in GameStop during the first quarter, buying 149,669 shares valued at about $3.45 million.
• GameStop reported stronger-than-expected quarterly results, posting EPS of $0.30 versus the $0.16 estimate and revenue of $835.3 million, up 14% year over year.
• Despite the earnings beat, insider selling continued: General Counsel Mark Haymond Robinson and insider Daniel William Moore each sold about 7,000 shares in early July.

Delta Global Management LP purchased a new position in shares of GameStop Corp. (NYSE:GME - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 149,669 shares of the company's stock, valued at approximately $3,448,000.

Other hedge funds have also bought and sold shares of the company. Northwestern Mutual Wealth Management Co. boosted its holdings in GameStop by 308.9% in the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 969 shares of the company's stock valued at $26,000 after purchasing an additional 732 shares during the period. EverSource Wealth Advisors LLC increased its holdings in shares of GameStop by 226.6% during the second quarter. EverSource Wealth Advisors LLC now owns 1,277 shares of the company's stock worth $31,000 after purchasing an additional 886 shares during the period. Advisory Services Network LLC bought a new position in shares of GameStop during the third quarter worth approximately $39,000. Los Angeles Capital Management LLC acquired a new stake in shares of GameStop in the fourth quarter valued at approximately $39,000. Finally, Rockefeller Capital Management L.P. boosted its stake in shares of GameStop by 805.6% in the fourth quarter. Rockefeller Capital Management L.P. now owns 2,264 shares of the company's stock valued at $45,000 after buying an additional 2,014 shares during the period. 29.21% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have commented on GME. Wall Street Zen upgraded GameStop from a "hold" rating to a "buy" rating in a research note on Sunday, June 14th. Weiss Ratings upgraded GameStop from a "hold (c-)" rating to a "hold (c)" rating in a research report on Friday, May 1st. One analyst has rated the stock with a Hold rating, According to MarketBeat, GameStop presently has a consensus rating of "Hold".

GameStop Price Performance

GME stock opened at $21.17 on Friday. The company has a quick ratio of 11.91, a current ratio of 12.40 and a debt-to-equity ratio of 0.71. GameStop Corp. has a 12 month low of $19.93 and a 12 month high of $28.10. The firm has a market cap of $9.50 billion, a P/E ratio of 16.04 and a beta of 1.76. The company's 50-day moving average price is $21.87 and its two-hundred day moving average price is $22.89.

GameStop (NYSE:GME - Get Free Report) last issued its earnings results on Tuesday, June 2nd. The company reported $0.30 EPS for the quarter, beating the consensus estimate of $0.16 by $0.14. The company had revenue of $835.30 million during the quarter, compared to analysts' expectations of $766.63 million. GameStop had a net margin of 20.45% and a return on equity of 13.75%. The business's revenue for the quarter was up 14.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.17 EPS.

Insider Activity at GameStop

In other GameStop news, General Counsel Mark Haymond Robinson sold 7,083 shares of the company's stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $22.38, for a total transaction of $158,517.54. Following the completion of the sale, the general counsel directly owned 108,147 shares in the company, valued at $2,420,329.86. This represents a 6.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Daniel William Moore sold 7,085 shares of the firm's stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $22.38, for a total value of $158,562.30. Following the completion of the sale, the insider directly owned 115,125 shares in the company, valued at approximately $2,576,497.50. This represents a 5.80% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 18,125 shares of company stock valued at $406,587. Company insiders own 9.50% of the company's stock.

GameStop Company Profile

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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