GameStop (NYSE:GME) Trading 7.1% Higher – Here’s What Happened

GameStop Corp. (NYSE:GME) shot up 7.1% during trading on Monday . The stock traded as high as $25.83 and last traded at $26.49. 1,762,719 shares changed hands during trading, a decline of 71% from the average session volume of 6,088,941 shares. The stock had previously closed at $24.73.

Analyst Upgrades and Downgrades

A number of research firms have commented on GME. Wedbush reaffirmed an “underperform” rating and set a $10.00 price objective on shares of GameStop in a research note on Friday, December 6th. StockNews.com upgraded shares of GameStop to a “sell” rating in a report on Saturday, October 19th.

GameStop Trading Down 2.2 %

The company has a market capitalization of $11.85 billion, a price-to-earnings ratio of 147.37 and a beta of -0.11. The firm has a 50-day simple moving average of $29.03 and a two-hundred day simple moving average of $25.10.

GameStop (NYSE:GME) last released its quarterly earnings data on Tuesday, December 10th. The company reported $0.06 EPS for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.09. GameStop had a return on equity of 2.11% and a net margin of 1.45%. The firm had revenue of $860.30 million for the quarter, compared to the consensus estimate of $887.68 million. The company’s quarterly revenue was down 20.2% compared to the same quarter last year. On average, sell-side analysts forecast that GameStop Corp. will post 0.08 earnings per share for the current year.

Insider Activity

In related news, General Counsel Mark Haymond Robinson sold 1,577 shares of the company’s stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $31.07, for a total transaction of $48,997.39. Following the completion of the sale, the general counsel now directly owns 42,350 shares of the company’s stock, valued at approximately $1,315,814.50. This represents a 3.59 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Daniel William Moore sold 895 shares of the business’s stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $31.07, for a total transaction of $27,807.65. Following the transaction, the insider now directly owns 31,385 shares of the company’s stock, valued at approximately $975,131.95. This represents a 2.77 % decrease in their position. The disclosure for this sale can be found here. 12.28% of the stock is currently owned by insiders.

Institutional Trading of GameStop

Several hedge funds have recently added to or reduced their stakes in GME. Millennium Management LLC grew its position in GameStop by 226.6% in the 2nd quarter. Millennium Management LLC now owns 123,800 shares of the company’s stock worth $3,057,000 after purchasing an additional 85,893 shares during the last quarter. CWM LLC lifted its stake in shares of GameStop by 19.9% in the third quarter. CWM LLC now owns 3,189 shares of the company’s stock valued at $73,000 after buying an additional 529 shares during the period. UMB Bank n.a. grew its position in GameStop by 535.8% during the third quarter. UMB Bank n.a. now owns 1,138 shares of the company’s stock worth $26,000 after buying an additional 959 shares in the last quarter. Louisiana State Employees Retirement System grew its position in GameStop by 41.1% during the third quarter. Louisiana State Employees Retirement System now owns 107,500 shares of the company’s stock worth $2,465,000 after buying an additional 31,300 shares in the last quarter. Finally, State of Alaska Department of Revenue increased its stake in GameStop by 50.1% during the third quarter. State of Alaska Department of Revenue now owns 45,052 shares of the company’s stock valued at $1,033,000 after acquiring an additional 15,045 shares during the period. Institutional investors 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.