Goldman Sachs Group Inc. Purchases 65,325 Shares of GameStop Corp. $GME

Key Points

• Goldman Sachs increased its stake in GameStop by 33.2% in Q1, acquiring an additional 65,325 shares, bringing its total to 262,143 shares valued at approximately $5.85 million.
• Several hedge funds, including Northern Trust Corp and Alyeska Investment Group, have also made significant adjustments to their GameStop holdings, reflecting growing institutional interest.
• GameStop's stock is scheduled for a split on October 3rd, with the company reporting a strong quarterly performance, beating earnings expectations with $0.25 EPS and revenues of $972.20 million.

Goldman Sachs Group Inc. lifted its position in shares of GameStop Corp. (NYSE:GME - Free Report) by 33.2% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 262,143 shares of the company's stock after acquiring an additional 65,325 shares during the period. Goldman Sachs Group Inc. owned 0.06% of GameStop worth $5,851,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Ameriprise Financial Inc. increased its holdings in GameStop by 1.4% in the fourth quarter. Ameriprise Financial Inc. now owns 372,902 shares of the company's stock worth $11,687,000 after buying an additional 5,300 shares during the last quarter. Cetera Investment Advisers boosted its position in GameStop by 29.2% during the fourth quarter. Cetera Investment Advisers now owns 28,385 shares of the company's stock worth $890,000 after purchasing an additional 6,411 shares during the period. Lazard Asset Management LLC boosted its position in GameStop by 68,300.0% during the fourth quarter. Lazard Asset Management LLC now owns 6,840 shares of the company's stock worth $213,000 after purchasing an additional 6,830 shares during the period. Nuveen Asset Management LLC boosted its position in GameStop by 5.9% during the fourth quarter. Nuveen Asset Management LLC now owns 1,179,710 shares of the company's stock worth $36,972,000 after purchasing an additional 65,797 shares during the period. Finally, ProShare Advisors LLC boosted its position in shares of GameStop by 12.4% in the fourth quarter. ProShare Advisors LLC now owns 19,009 shares of the company's stock valued at $596,000 after acquiring an additional 2,101 shares during the period. 29.21% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, General Counsel Mark Haymond Robinson sold 11,055 shares of the business's stock in a transaction that occurred on Wednesday, July 23rd. The stock was 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 directly owned 116,781 shares in the company, 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 Securities & Exchange Commission, which can be accessed through this hyperlink. In the last three months, insiders sold 13,905 shares of company stock valued at $334,509. 8.58% of the stock is currently owned by insiders.

GameStop Price Performance

Shares of NYSE GME traded up $0.16 during midday trading on Friday, reaching $26.04. 9,532,742 shares of the company traded hands, compared to its average volume of 10,188,455. The firm has a market cap of $11.66 billion, a PE ratio of 35.67 and a beta of -0.93. The stock's 50-day simple moving average is $23.36 and its 200-day simple moving average is $24.97. GameStop Corp. has a 12 month low of $19.48 and a 12 month high of $35.81. The company has a debt-to-equity ratio of 0.80, a quick ratio of 10.79 and a current ratio of 11.37.

Shares of GameStop are scheduled to split on Friday, October 3rd. The 11-10 split was recently announced. The newly created shares will be distributed to shareholders after the market closes on Thursday, October 2nd.

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

Analyst Upgrades and Downgrades

Separately, Wedbush raised GameStop to a "strong sell" rating in a research report on Tuesday, July 1st. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, GameStop presently has an average rating of "Sell" 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.