Pinebridge Investments L.P. Buys 23,473 Shares of GameStop Corp. (NYSE:GME)

Pinebridge Investments L.P. lifted its position in GameStop Corp. (NYSE:GME - Free Report) by 42.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 78,457 shares of the company's stock after purchasing an additional 23,473 shares during the quarter. Pinebridge Investments L.P.'s holdings in GameStop were worth $2,459,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of GME. Virtu Financial LLC acquired a new position in shares of GameStop in the 3rd quarter valued at $285,000. Sanctuary Advisors LLC acquired a new position in GameStop in the third quarter worth about $230,000. Retirement Systems of Alabama lifted its stake in GameStop by 41.7% during the third quarter. Retirement Systems of Alabama now owns 471,156 shares of the company's stock worth $10,804,000 after purchasing an additional 138,597 shares during the period. JPMorgan Chase & Co. boosted its holdings in GameStop by 46.1% during the third quarter. JPMorgan Chase & Co. now owns 774,096 shares of the company's stock valued at $17,750,000 after purchasing an additional 244,339 shares in the last quarter. Finally, GAMMA Investing LLC grew its stake in shares of GameStop by 65.8% in the 4th quarter. GAMMA Investing LLC now owns 3,564 shares of the company's stock valued at $112,000 after purchasing an additional 1,414 shares during the period. 29.21% of the stock is owned by institutional investors.

GameStop Price Performance

Shares of NYSE:GME traded down $0.31 during trading on Tuesday, reaching $27.28. The stock had a trading volume of 5,389,722 shares, compared to its average volume of 20,583,317. The stock has a market capitalization of $12.20 billion, a PE ratio of 151.56 and a beta of -0.44. GameStop Corp. has a 52 week low of $10.70 and a 52 week high of $64.83. The business's 50-day moving average price is $24.70 and its 200 day moving average price is $26.32.

GameStop (NYSE:GME - Get Free Report) last issued its quarterly earnings data on Tuesday, March 25th. The company reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.09 by $0.21. GameStop had a return on equity of 2.11% and a net margin of 1.45%. The firm had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.48 billion. During the same quarter in the previous year, the company posted $0.21 EPS. The business's revenue for the quarter was down 28.5% compared to the same quarter last year. Analysts forecast that GameStop Corp. will post 0.08 EPS for the current year.

Analysts Set New Price Targets

Several analysts recently commented on GME shares. Wedbush set a $11.50 price target on GameStop in a research note on Wednesday, March 26th. StockNews.com upgraded shares of GameStop from a "sell" rating to a "hold" rating in a research note on Thursday, March 27th.

Insider Buying and Selling at GameStop

In other news, Director Lawrence Cheng acquired 5,000 shares of the company's stock in a transaction on Thursday, April 3rd. The stock was purchased at an average cost of $21.54 per share, with a total value of $107,700.00. Following the acquisition, the director now owns 83,000 shares of the company's stock, valued at $1,787,820. This trade represents a 6.41 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Ryan Cohen bought 500,000 shares of GameStop stock in a transaction dated Thursday, April 3rd. The stock was acquired at an average cost of $21.55 per share, for a total transaction of $10,775,000.00. Following the purchase, the chief executive officer now directly owns 37,347,842 shares in the company, valued at approximately $804,845,995.10. The trade was a 1.36 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 515,000 shares of company stock worth $11,140,200. 12.28% of the stock is currently owned by corporate insiders.

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.