Renaissance Technologies LLC Grows Stake in GameStop Corp. $GME

Key Points

• Renaissance Technologies increased its GameStop stake by 376.2% in the first quarter, purchasing 2.09 million additional shares to own 2.65 million shares valued at approximately $61.1 million. Other institutions, including Dimensional Fund Advisors and First Trust Advisors, also expanded their positions.
• GameStop reported quarterly EPS of $0.30, beating estimates of $0.16, while revenue reached $835.3 million, up 14% year over year and above analyst expectations.
• GameStop shares opened at $21.17, within a 52-week range of $19.93 to $28.10. Analysts maintain a consensus “Hold” rating, while insiders have sold 18,125 shares worth about $406,600 over the past 90 days.

Renaissance Technologies LLC raised its holdings in shares of GameStop Corp. (NYSE:GME - Free Report) by 376.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,650,303 shares of the company's stock after purchasing an additional 2,093,755 shares during the period. Renaissance Technologies LLC owned 0.59% of GameStop worth $61,063,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Inceptionr LLC purchased a new position in GameStop during the 1st quarter worth $743,000. Lido Advisors LLC purchased a new stake in GameStop in the first quarter valued at about $210,000. Militia Capital Management LLC purchased a new stake in GameStop in the first quarter valued at about $492,000. First Trust Advisors LP boosted its holdings in GameStop by 412.7% in the first quarter. First Trust Advisors LP now owns 208,650 shares of the company's stock worth $4,807,000 after acquiring an additional 167,956 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in GameStop by 189.1% in the first quarter. Dimensional Fund Advisors LP now owns 3,909,284 shares of the company's stock worth $90,046,000 after acquiring an additional 2,557,079 shares in the last quarter. Hedge funds and other institutional investors own 29.21% of the company's stock.

GameStop Trading Up 0.0%

GameStop stock opened at $21.17 on Monday. The stock has a 50-day moving average price of $21.87 and a 200 day moving average price of $22.91. The company has a market capitalization of $9.50 billion, a price-to-earnings ratio of 16.04 and a beta of 1.76. GameStop Corp. has a 52 week low of $19.93 and a 52 week high of $28.10. The company has a quick ratio of 11.91, a current ratio of 12.40 and a debt-to-equity ratio of 0.71.

GameStop (NYSE:GME - Get Free Report) last posted its quarterly earnings results on Tuesday, June 2nd. The company reported $0.30 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.16 by $0.14. The company had revenue of $835.30 million during the quarter, compared to analyst estimates of $766.63 million. GameStop had a net margin of 20.45% and a return on equity of 13.75%. GameStop's revenue for the quarter was up 14.0% compared to the same quarter last year. During the same period last year, the firm posted $0.17 EPS.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on GME shares. Wall Street Zen upgraded shares of GameStop from a "hold" rating to a "buy" rating in a report on Sunday, June 14th. Weiss Ratings raised shares of GameStop from a "hold (c-)" rating to a "hold (c)" rating in a research report on Friday, May 1st. One research analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, GameStop presently has a consensus rating of "Hold".

Insider Buying and Selling at GameStop

In other GameStop news, General Counsel Mark Haymond Robinson sold 3,957 shares of the stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $22.62, for a total transaction of $89,507.34. Following the sale, the general counsel directly owned 104,190 shares of the company's stock, valued at approximately $2,356,777.80. This trade represents a 3.66% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Daniel William Moore sold 7,085 shares of GameStop stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $22.38, for a total value of $158,562.30. Following the transaction, the insider owned 115,125 shares of the company's stock, valued at $2,576,497.50. The trade was a 5.80% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 18,125 shares of company stock worth $406,587. 9.50% of the stock is owned by corporate insiders.

GameStop Company Profile

GameStop Corp. NYSE: GME is a global specialty retailer focused on video games, gaming consoles, consumer electronics and related accessories. The company operates a network of physical retail stores alongside an e-commerce platform, offering new and pre-owned products spanning the latest game software, hardware, collectibles and lifestyle merchandise. GameStop's retail footprint is complemented by digital marketplaces for trade-ins and online purchases, as well as a membership program that provides exclusive content and rewards.

Originally founded in 1984 as Babbage's in Dallas, Texas, the company adopted the GameStop name in 1999 following its merger with Software Etc.

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