GameStop (NYSE:GME) Stock Price Up 3.5% - Here's What Happened

GameStop Corp. (NYSE:GME - Get Free Report) shares shot up 3.5% during mid-day trading on Tuesday . The stock traded as high as $31.42 and last traded at $30.46. 4,561,886 shares changed hands during mid-day trading, a decline of 76% from the average session volume of 18,933,855 shares. The stock had previously closed at $29.44.

Wall Street Analysts Forecast Growth

Several analysts have commented on GME shares. StockNews.com raised shares of GameStop to a "sell" rating in a research report on Saturday, October 19th. Wedbush reaffirmed an "underperform" rating and issued a $10.00 price target on shares of GameStop in a report on Friday, December 6th.

GameStop Stock Performance

The business's 50 day moving average is $25.34 and its 200 day moving average is $24.31. The company has a market capitalization of $13.98 billion, a price-to-earnings ratio of 173.83 and a beta of -0.11.

GameStop (NYSE:GME - Get Free Report) last posted its quarterly earnings results on Tuesday, December 10th. The company reported $0.06 earnings per share for the quarter, beating the consensus estimate of ($0.03) by $0.09. GameStop had a return on equity of 2.11% and a net margin of 1.45%. The business had revenue of $860.30 million for the quarter, compared to the consensus estimate of $887.68 million. The business's revenue was down 20.2% on a year-over-year basis. Sell-side analysts predict that GameStop Corp. will post 0.01 EPS for the current year.

Insider Activity

In related news, General Counsel Mark Haymond Robinson sold 11,000 shares of the firm's stock in a transaction dated Thursday, October 10th. The stock was sold at an average price of $20.82, for a total transaction of $229,020.00. Following the sale, the general counsel now directly owns 43,927 shares of the company's stock, valued at $914,560.14. This trade represents a 20.03 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Daniel William Moore sold 1,972 shares of GameStop stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $21.96, for a total transaction of $43,305.12. Following the transaction, the insider now directly owns 37,280 shares of the company's stock, valued at approximately $818,668.80. This trade represents a 5.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 22,639 shares of company stock valued at $481,000 in the last ninety days. Insiders own 12.28% of the company's stock.

Institutional Investors Weigh In On GameStop

Institutional investors have recently modified their holdings of the business. Charles Schwab Investment Management Inc. raised its position in GameStop by 22.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,502,910 shares of the company's stock worth $80,322,000 after acquiring an additional 646,488 shares during the period. Algert Global LLC boosted its holdings in GameStop by 270.5% in the 3rd quarter. Algert Global LLC now owns 150,526 shares of the company's stock worth $3,452,000 after buying an additional 109,900 shares during the last quarter. Swiss National Bank increased its stake in GameStop by 46.0% during the 3rd quarter. Swiss National Bank now owns 790,528 shares of the company's stock worth $18,127,000 after buying an additional 249,100 shares in the last quarter. MetLife Investment Management LLC increased its position in shares of GameStop by 41.1% during the third quarter. MetLife Investment Management LLC now owns 200,234 shares of the company's stock worth $4,591,000 after purchasing an additional 58,356 shares in the last quarter. Finally, Mutual of America Capital Management LLC lifted its holdings in GameStop by 35.9% in the 3rd quarter. Mutual of America Capital Management LLC now owns 209,616 shares of the company's stock valued at $4,806,000 after purchasing an additional 55,346 shares in the last quarter. 29.21% of the stock is currently owned by institutional investors and hedge funds.

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.