GameStop (NYSE:GME) Sees Large Volume Increase - What's Next?

GameStop Corp. (NYSE:GME - Get Free Report) saw strong trading volume on Thursday . 21,576,149 shares were traded during trading, an increase of 72% from the previous session's volume of 12,552,792 shares.The stock last traded at $24.17 and had previously closed at $28.55.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Wedbush reaffirmed an "underperform" rating and set a $13.50 target price on shares of GameStop in a research note on Wednesday. Wall Street Zen raised shares of GameStop from a "sell" rating to a "hold" rating in a research note on Thursday, March 27th.

GameStop Stock Down 23.3%

The firm has a market cap of $9.79 billion, a price-to-earnings ratio of 121.62 and a beta of -0.69. The company's 50-day moving average price is $27.98 and its 200-day moving average price is $27.41.

GameStop (NYSE:GME - Get Free Report) last issued its quarterly earnings results on Tuesday, June 10th. The company reported $0.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.13. The business had revenue of $732.40 million for the quarter, compared to analysts' expectations of $754.23 million. GameStop had a net margin of 1.45% and a return on equity of 2.11%. The business's quarterly revenue was down 16.9% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.12) earnings per share. On average, sell-side analysts predict that GameStop Corp. will post 0.08 earnings per share for the current fiscal year.

Insider Transactions at GameStop

In related news, insider Daniel William Moore sold 1,608 shares of the firm's stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $22.53, for a total value of $36,228.24. Following the sale, the insider now owns 29,777 shares of the company's stock, valued at $670,875.81. This trade represents a 5.12% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Alain Attal bought 10,000 shares of GameStop stock in a transaction that occurred on Thursday, April 10th. The stock was purchased at an average cost of $25.75 per share, for a total transaction of $257,500.00. Following the acquisition, the director now owns 572,464 shares of the company's stock, valued at $14,740,948. This represents a 1.78% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 515,000 shares of company stock valued at $11,140,200. 12.28% of the stock is currently owned by corporate insiders.

Institutional Trading of GameStop

Several hedge funds have recently added to or reduced their stakes in the company. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in GameStop by 223.5% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 990 shares of the company's stock worth $31,000 after purchasing an additional 684 shares in the last quarter. Bessemer Group Inc. raised its holdings in GameStop by 67.2% during the fourth quarter. Bessemer Group Inc. now owns 1,720 shares of the company's stock worth $54,000 after purchasing an additional 691 shares in the last quarter. Nomura Asset Management Co. Ltd. raised its holdings in GameStop by 32.3% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 2,130 shares of the company's stock worth $67,000 after purchasing an additional 520 shares in the last quarter. UMB Bank n.a. raised its holdings in GameStop by 100.6% during the first quarter. UMB Bank n.a. now owns 3,651 shares of the company's stock worth $81,000 after purchasing an additional 1,831 shares in the last quarter. Finally, US Bancorp DE raised its holdings in GameStop by 92.5% during the first quarter. US Bancorp DE now owns 3,726 shares of the company's stock worth $83,000 after purchasing an additional 1,790 shares in the last quarter. Institutional investors and hedge funds own 29.21% of the company's stock.

GameStop Company 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.