Norges Bank Invests $2.01 Million in GameStop Corp. (NYSE:GME)

Norges Bank acquired a new stake in shares of GameStop Corp. (NYSE:GME - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 64,188 shares of the company's stock, valued at approximately $2,012,000.

Several other institutional investors have also added to or reduced their stakes in the business. CIBC Asset Management Inc increased its stake in GameStop by 5.7% in the 4th quarter. CIBC Asset Management Inc now owns 9,381 shares of the company's stock worth $294,000 after acquiring an additional 502 shares during the last quarter. Christensen King & Associates Investment Services Inc. increased its stake in shares of GameStop by 1.9% during the fourth quarter. Christensen King & Associates Investment Services Inc. now owns 27,397 shares of the company's stock valued at $853,000 after buying an additional 518 shares during the period. Crossmark Global Holdings Inc. raised its holdings in GameStop by 2.9% in the 4th quarter. Crossmark Global Holdings Inc. now owns 18,338 shares of the company's stock worth $575,000 after purchasing an additional 523 shares in the last quarter. Securian Asset Management Inc. grew its holdings in shares of GameStop by 1.8% during the 4th quarter. Securian Asset Management Inc. now owns 30,717 shares of the company's stock worth $963,000 after acquiring an additional 557 shares during the period. Finally, Fifth Third Bancorp raised its holdings in GameStop by 11.1% in the fourth quarter. Fifth Third Bancorp now owns 5,648 shares of the company's stock worth $177,000 after purchasing an additional 566 shares in the last quarter. 29.21% of the stock is owned by hedge funds and other institutional investors.

GameStop Stock Up 1.6 %

NYSE GME traded up $0.41 during trading hours on Thursday, hitting $26.66. 1,847,382 shares of the company were exchanged, compared to its average volume of 20,326,884. The stock has a market cap of $11.92 billion, a PE ratio of 148.41 and a beta of -0.44. The stock has a 50-day moving average price of $24.62 and a 200 day moving average price of $25.93. GameStop Corp. has a 52 week low of $10.01 and a 52 week high of $64.83.

GameStop (NYSE:GME - Get Free Report) last announced its quarterly earnings data on Tuesday, March 25th. The company reported $0.30 earnings per share (EPS) for the quarter, topping 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 company had revenue of $1.28 billion for the quarter, compared to analysts' expectations of $1.48 billion. During the same quarter in the prior year, the firm earned $0.21 earnings per share. GameStop's revenue was down 28.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that GameStop Corp. will post 0.08 earnings per share for the current year.

Insiders Place Their Bets

In other GameStop news, Director Lawrence Cheng acquired 5,000 shares of the firm's stock in a transaction that occurred on Thursday, April 3rd. The shares were purchased at an average cost of $21.54 per share, for a total transaction of $107,700.00. Following the completion of the acquisition, the director now owns 83,000 shares of the company's stock, valued at approximately $1,787,820. The trade was a 6.41 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Alain Attal bought 10,000 shares of the business's stock in a transaction 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 transaction, the director now owns 572,464 shares of the company's stock, valued at $14,740,948. This trade represents a 1.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 515,000 shares of company stock valued at $11,140,200. 12.28% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

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

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.