First National Corp MA ADV Increases Position in GameStop Corp. $GME

Key Points

• First National Corp MA ADV increased its stake in GameStop Corp. by 51.1%, acquiring an additional 15,766 shares, bringing its total holdings to 46,629 shares worth approximately $1.14 million.
• GameStop is planning a 11-10 stock split that will take effect before the market opens on October 3rd, allowing existing shareholders to receive additional shares.
• In its latest quarterly report, GameStop achieved earnings per share of $0.25, surpassing estimates, with a 21.8% increase in revenue year-over-year, totaling $972.2 million.

First National Corp MA ADV boosted its position in shares of GameStop Corp. (NYSE:GME - Free Report) by 51.1% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 46,629 shares of the company's stock after acquiring an additional 15,766 shares during the quarter. First National Corp MA ADV's holdings in GameStop were worth $1,137,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. New York State Teachers Retirement System increased its position in GameStop by 10.7% in the first quarter. New York State Teachers Retirement System now owns 311,864 shares of the company's stock worth $6,961,000 after buying an additional 30,200 shares in the last quarter. Exchange Traded Concepts LLC purchased a new stake in GameStop in the first quarter worth about $465,000. Virtu Financial LLC purchased a new stake in GameStop in the first quarter worth about $1,442,000. California State Teachers Retirement System increased its position in GameStop by 3.6% in the fourth quarter. California State Teachers Retirement System now owns 394,588 shares of the company's stock worth $12,366,000 after buying an additional 13,576 shares in the last quarter. Finally, Soviero Asset Management LP purchased a new stake in GameStop in the fourth quarter worth about $2,037,000. Hedge funds and other institutional investors own 29.21% of the company's stock.

Wall Street Analyst Weigh In

Separately, Wedbush upgraded GameStop to a "strong sell" rating in a research report on Tuesday, July 1st. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, GameStop presently has an average rating of "Sell" and an average price target of $13.50.

Insider Buying and Selling

In other GameStop news, General Counsel Mark Haymond Robinson sold 11,055 shares of the firm's stock in a transaction on Wednesday, July 23rd. The stock was sold at an average price of $24.18, for a total transaction of $267,309.90. Following the transaction, the general counsel directly owned 116,781 shares in the company, valued at $2,823,764.58. This trade represents a 8.65% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In the last quarter, insiders sold 13,905 shares of company stock worth $334,509. Company insiders own 8.58% of the company's stock.

GameStop Trading Up 0.6%

Shares of NYSE GME traded up $0.16 during midday trading on Friday, hitting $26.04. The company's stock had a trading volume of 9,532,742 shares, compared to its average volume of 10,188,455. The company has a current ratio of 11.37, a quick ratio of 10.79 and a debt-to-equity ratio of 0.80. The business's 50 day moving average is $23.36 and its two-hundred day moving average is $24.97. GameStop Corp. has a 12-month low of $19.48 and a 12-month high of $35.81. The firm has a market cap of $11.66 billion, a P/E ratio of 35.67 and a beta of -0.93.

GameStop shares are going to split before the market opens on Friday, October 3rd. The 11-10 split was recently announced. The newly created shares will be distributed to shareholders after the closing bell on Thursday, October 2nd.

GameStop (NYSE:GME - Get Free Report) last issued its quarterly earnings results on Tuesday, September 9th. The company reported $0.25 earnings per share for the quarter, topping the consensus estimate of $0.19 by $0.06. GameStop had a return on equity of 7.72% and a net margin of 9.41%.The firm 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 posted $0.04 earnings per share. The company's revenue for the quarter was up 21.8% on a year-over-year basis. As a group, equities research analysts expect that GameStop Corp. will post 0.08 EPS for the current year.

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.