Invesco Ltd. Boosts Stake in GameStop Corp. $GME

Key Points

• Invesco Ltd. increased its stake in GameStop Corp. by 12.3%, owning 657,703 shares valued at approximately $14.68 million.
• Several institutional investors have significantly increased their holdings in GameStop, with D. E. Shaw & Co. Inc. raising its stake by 606.7% in the last quarter.
• GameStop received a "strong sell" rating from Wedbush, with analysts giving it a consensus rating of "Sell" and an average price target of $13.50.

Invesco Ltd. grew its holdings in shares of GameStop Corp. (NYSE:GME - Free Report) by 12.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 657,703 shares of the company's stock after acquiring an additional 71,946 shares during the quarter. Invesco Ltd. owned 0.15% of GameStop worth $14,680,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in GME. Fifth Third Bancorp increased its position in shares of GameStop by 10.3% during the 1st quarter. Fifth Third Bancorp now owns 6,227 shares of the company's stock valued at $139,000 after purchasing an additional 579 shares during the last quarter. Scratch Capital LLC lifted its position in GameStop by 3.3% in the 1st quarter. Scratch Capital LLC now owns 23,570 shares of the company's stock worth $526,000 after buying an additional 750 shares during the last quarter. Xponance Inc. lifted its position in GameStop by 1.7% in the 1st quarter. Xponance Inc. now owns 47,392 shares of the company's stock worth $1,058,000 after buying an additional 785 shares during the last quarter. Utah Retirement Systems lifted its position in GameStop by 5.0% in the fourth quarter. Utah Retirement Systems now owns 21,100 shares of the company's stock valued at $661,000 after purchasing an additional 1,000 shares during the last quarter. Finally, SBI Securities Co. Ltd. lifted its position in GameStop by 31.8% in the first quarter. SBI Securities Co. Ltd. now owns 4,145 shares of the company's stock valued at $93,000 after purchasing an additional 1,000 shares during the last quarter. 29.21% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

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

GameStop Trading Down 0.8%

Shares of NYSE GME traded down $0.18 during trading hours on Monday, hitting $22.71. 3,779,847 shares of the company traded hands, compared to its average volume of 6,058,332. The company's 50 day moving average price is $23.15 and its 200 day moving average price is $25.20. GameStop Corp. has a 12 month low of $19.31 and a 12 month high of $35.81. The company has a current ratio of 8.39, a quick ratio of 7.89 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $10.16 billion, a price-to-earnings ratio of 49.37 and a beta of -0.72.

GameStop (NYSE:GME - Get Free Report) last released its quarterly earnings results on Tuesday, June 10th. The company reported $0.17 EPS for the quarter, topping the consensus estimate of $0.04 by $0.13. GameStop had a return on equity of 5.25% and a net margin of 5.67%.The firm had revenue of $732.40 million during the quarter, compared to analyst estimates of $754.23 million. During the same period in the previous year, the company posted ($0.12) EPS. The business's revenue for the quarter was down 16.9% compared to the same quarter last year. On average, equities research analysts anticipate that GameStop Corp. will post 0.08 earnings per share for the current fiscal year.

Insider Buying and Selling at GameStop

In related news, General Counsel Mark Haymond Robinson sold 11,055 shares of the 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 sale, the general counsel owned 116,781 shares of the company's stock, 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold a total of 13,075 shares of company stock valued at $315,685 in the last quarter. Company insiders own 8.58% of the company's stock.

GameStop 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.