Wealth Enhancement Advisory Services LLC Invests $1.83 Million in GameStop Corp. $GME

Key Points

• Wealth Enhancement Advisory Services LLC invested $1.83 million in GameStop Corp. by acquiring 77,749 shares during the 2nd quarter.
• GameStop's stock is set to split on October 3rd with an 11-10 split, and its recent stock performance shows a 4.5% increase following the announcement.
• The company reported earnings of $0.25 per share, surpassing analysts’ expectations, and posted a 21.8% year-over-year revenue increase for the last quarter.

Wealth Enhancement Advisory Services LLC purchased a new stake in GameStop Corp. (NYSE:GME - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 77,749 shares of the company's stock, valued at approximately $1,834,000.

A number of other large investors have also added to or reduced their stakes in the stock. Fifth Third Bancorp raised its holdings in GameStop by 10.3% in the 1st quarter. Fifth Third Bancorp now owns 6,227 shares of the company's stock valued at $139,000 after acquiring an additional 579 shares in the last quarter. Scratch Capital LLC increased its position in shares of GameStop by 3.3% in the first quarter. Scratch Capital LLC now owns 23,570 shares of the company's stock worth $526,000 after purchasing an additional 750 shares during the period. State of Wyoming increased its position in shares of GameStop by 11.0% in the first quarter. State of Wyoming now owns 7,688 shares of the company's stock worth $172,000 after purchasing an additional 759 shares during the period. Xponance Inc. raised its stake in GameStop by 1.7% in the first quarter. Xponance Inc. now owns 47,392 shares of the company's stock valued at $1,058,000 after purchasing an additional 785 shares in the last quarter. Finally, SBI Securities Co. Ltd. lifted its position in GameStop by 31.8% during the first quarter. SBI Securities Co. Ltd. now owns 4,145 shares of the company's stock worth $93,000 after purchasing an additional 1,000 shares during the period. Institutional investors and hedge funds own 29.21% of the company's stock.

GameStop Stock Up 4.5%

NYSE:GME opened at $26.40 on Monday. GameStop Corp. has a one year low of $20.30 and a one year high of $35.81. The company has a debt-to-equity ratio of 0.80, a current ratio of 11.37 and a quick ratio of 10.79. The company has a market cap of $11.82 billion, a PE ratio of 36.16 and a beta of -0.92. The firm's 50 day simple moving average is $23.64 and its 200 day simple moving average is $25.10.

GameStop's stock is 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 closing bell on Thursday, October 2nd.

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

Insider Activity

In related news, General Counsel Mark Haymond Robinson sold 11,055 shares of GameStop 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 transaction, the general counsel directly owned 116,781 shares of the company's stock, valued at $2,823,764.58. The trade was a 8.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold 13,905 shares of company stock worth $334,509 in the last ninety days. 8.58% of the stock is owned by company insiders.

Analyst Ratings Changes

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

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.

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