GameStop Corp. $GME Shares Sold by Algert Global LLC

Key Points

• Algert Global LLC reduced its holdings in GameStop Corp. by 29.3% in the first quarter, now owning 128,751 shares valued at approximately $2.874 million after selling 53,230 shares.
• Hedge funds, including UMB Bank and US Bancorp, have simultaneously increased their positions in GameStop, with UMB Bank lifting its stake by 100.6% and US Bancorp by 92.5%.
• GameStop shares received a "strong sell" rating from Wedbush, with a current average price target of $13.50 as analysts predict modest earnings for the fiscal year.

Algert Global LLC trimmed its position in GameStop Corp. (NYSE:GME - Free Report) by 29.3% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 128,751 shares of the company's stock after selling 53,230 shares during the period. Algert Global LLC's holdings in GameStop were worth $2,874,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. New York State Teachers Retirement System lifted its holdings 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 valued at $6,961,000 after acquiring an additional 30,200 shares during the period. Exchange Traded Concepts LLC acquired a new stake in GameStop in the first quarter valued at $465,000. Virtu Financial LLC acquired a new stake in GameStop in the first quarter valued at $1,442,000. California State Teachers Retirement System lifted its holdings in GameStop by 3.6% in the fourth quarter. California State Teachers Retirement System now owns 394,588 shares of the company's stock valued at $12,366,000 after acquiring an additional 13,576 shares during the period. Finally, Soviero Asset Management LP acquired a new stake in GameStop in the fourth quarter valued at $2,037,000. Institutional investors and hedge funds own 29.21% of the company's stock.

Insiders Place Their Bets

In related news, General Counsel Mark Haymond Robinson sold 11,055 shares of the business's stock in a transaction dated Wednesday, July 23rd. The shares were sold at an average price of $24.18, for a total value of $267,309.90. Following the completion of the transaction, the general counsel owned 116,781 shares of the company's stock, valued at approximately $2,823,764.58. The trade was a 8.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last three months, insiders have sold 13,075 shares of company stock valued at $315,685. Insiders own 8.58% of the company's stock.

Wall Street Analyst Weigh In

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

GameStop Price Performance

NYSE:GME traded up $0.3250 during mid-day trading on Friday, hitting $22.8850. 5,506,452 shares of the company's stock traded hands, compared to its average volume of 6,135,291. The company has a debt-to-equity ratio of 0.30, a quick ratio of 7.89 and a current ratio of 8.39. The firm's 50 day simple moving average is $23.16 and its 200 day simple moving average is $25.22. GameStop Corp. has a 1 year low of $19.31 and a 1 year high of $35.81. The company has a market cap of $10.24 billion, a PE ratio of 49.75 and a beta of -0.72.

GameStop (NYSE:GME - Get Free Report) last posted its earnings results on Tuesday, June 10th. The company reported $0.17 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.13. GameStop had a net margin of 5.67% and a return on equity of 5.25%. The firm had revenue of $732.40 million during the quarter, compared to the consensus estimate of $754.23 million. During the same period last year, the firm posted ($0.12) EPS. The firm's revenue for the quarter was down 16.9% on a year-over-year basis. Sell-side 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.