GameStop (NYSE:GME) Stock Price Down 6.7% - Here's Why

Shares of GameStop Corp. (NYSE:GME - Get Free Report) fell 6.7% during mid-day trading on Wednesday . The company traded as low as $33.15 and last traded at $32.66. 14,701,418 shares changed hands during mid-day trading, a decline of 13% from the average session volume of 16,876,185 shares. The stock had previously closed at $35.01.

Wall Street Analyst Weigh In

Several research firms recently weighed in on GME. Wedbush set a $11.50 target price on GameStop in a research report on Wednesday, March 26th. Wall Street Zen raised GameStop from a "sell" rating to a "hold" rating in a research report on Thursday, March 27th.

GameStop Trading Down 8.8%

The stock has a 50 day moving average price of $26.64 and a two-hundred day moving average price of $27.26. The company has a market cap of $14.29 billion, a price-to-earnings ratio of 177.53 and a beta of -0.76.

GameStop (NYSE:GME - Get Free Report) last released its earnings results on Tuesday, March 25th. The company reported $0.30 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.09 by $0.21. The firm had revenue of $1.28 billion during the quarter, compared to analysts' expectations of $1.48 billion. GameStop had a return on equity of 2.11% and a net margin of 1.45%. The company's revenue was down 28.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.21 EPS. On average, equities analysts forecast that GameStop Corp. will post 0.08 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Alain Attal acquired 10,000 shares of the firm's stock in a transaction dated Thursday, April 10th. The stock was bought at an average price of $25.75 per share, for a total transaction of $257,500.00. Following the acquisition, the director now directly owns 572,464 shares of the company's stock, valued at approximately $14,740,948. The trade was a 1.78% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Lawrence Cheng bought 5,000 shares of the business's stock in a transaction that occurred on Thursday, April 3rd. The stock was purchased at an average price of $21.54 per share, with a total value of $107,700.00. Following the completion of the purchase, the director now directly owns 83,000 shares in the company, valued at $1,787,820. The trade was a 6.41% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders bought 515,000 shares of company stock worth $11,140,200. Corporate insiders own 12.28% of the company's stock.

Hedge Funds Weigh In On GameStop

A number of large investors have recently made changes to their positions in GME. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of GameStop by 223.5% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 990 shares of the company's stock worth $31,000 after buying an additional 684 shares in the last quarter. New Wave Wealth Advisors LLC bought a new stake in GameStop during the 4th quarter valued at approximately $37,000. R Squared Ltd purchased a new position in GameStop in the 4th quarter worth approximately $51,000. Bessemer Group Inc. raised its holdings in GameStop by 67.2% in the 4th quarter. Bessemer Group Inc. now owns 1,720 shares of the company's stock worth $54,000 after acquiring an additional 691 shares during the last quarter. Finally, Nomura Asset Management Co. Ltd. raised its holdings in GameStop by 32.3% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 2,130 shares of the company's stock worth $67,000 after acquiring an additional 520 shares during the last quarter. 29.21% of the stock is owned by institutional investors.

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.

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