Goldman Sachs Group Inc. Buys 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 stake in shares of GameStop Corp. (NYSE:GME - Free Report) by 33.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 262,143 shares of the company's stock after acquiring an additional 65,325 shares during the quarter. Goldman Sachs Group Inc. owned approximately 0.06% of GameStop worth $5,851,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Northern Trust Corp grew its stake in shares of GameStop by 0.4% during the 1st quarter. Northern Trust Corp now owns 3,183,116 shares of the company's stock valued at $71,047,000 after acquiring an additional 11,813 shares during the period. Alyeska Investment Group L.P. grew its stake in shares of GameStop by 895.4% during the 1st quarter. Alyeska Investment Group L.P. now owns 2,641,427 shares of the company's stock valued at $58,957,000 after acquiring an additional 2,376,051 shares during the period. Nuveen LLC bought a new position in shares of GameStop during the 1st quarter valued at approximately $33,741,000. Nuveen Asset Management LLC grew its stake in shares of GameStop by 5.9% during the 4th quarter. Nuveen Asset Management LLC now owns 1,179,710 shares of the company's stock valued at $36,972,000 after acquiring an additional 65,797 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in GameStop by 9.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,131,481 shares of the company's stock worth $25,255,000 after purchasing an additional 94,892 shares during the period. 29.21% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other GameStop news, General Counsel Mark Haymond Robinson sold 11,055 shares of the stock in a transaction dated 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 sale, the general counsel directly owned 116,781 shares in the company, valued at approximately $2,823,764.58. This trade represents a 8.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders sold 13,905 shares of company stock valued at $334,509 in the last three months. Company insiders own 8.58% of the company's stock.

Wall Street Analysts Forecast Growth

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

GameStop Price Performance

Shares of GME stock opened at $25.60 on Tuesday. GameStop Corp. has a 1-year low of $19.42 and a 1-year high of $35.81. The stock's 50-day moving average is $23.12 and its 200 day moving average is $24.93. The company has a market cap of $11.46 billion, a P/E ratio of 35.07 and a beta of -0.92. The company has a debt-to-equity ratio of 0.80, a current ratio of 11.37 and a quick ratio of 10.79.

GameStop's stock is set to split on the morning of Friday, October 3rd. The 11-10 split was recently announced. The newly created shares will be payable to shareholders after the market closes on Thursday, October 2nd.

GameStop (NYSE:GME - Get Free Report) last released its quarterly earnings results on Tuesday, September 9th. The company reported $0.25 EPS for the quarter, beating analysts' consensus estimates of $0.19 by $0.06. GameStop had a return on equity of 7.72% and a net margin of 9.41%.The company had revenue of $972.20 million during the quarter, compared to analysts' expectations of $823.25 million. During the same period last year, the business posted $0.04 earnings per share. The firm's revenue was up 21.8% compared to the same quarter last year. Research analysts predict that GameStop Corp. will post 0.08 earnings per share for the current fiscal year.

About GameStop

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.

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