GameStop (NYSE:GME) Price Target Lowered to $6.20 at Wedbush

Posted by on Jun 9th, 2023

GameStop (NYSE:GME – Get Rating) had its price target decreased by Wedbush from $6.50 to $6.20 in a report published on Thursday, Marketbeat.com reports. Wedbush currently has an underperform rating on the stock.

Separately, StockNews.com lowered shares of GameStop from a hold rating to a sell rating in a report on Thursday, June 1st.

GameStop Stock Down 17.9 %

Shares of GameStop stock opened at $21.44 on Thursday. The firm has a fifty day moving average price of $21.89 and a two-hundred day moving average price of $21.16. GameStop has a fifty-two week low of $15.41 and a fifty-two week high of $47.99. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.74 and a quick ratio of 1.23.

GameStop (NYSE:GME – Get Rating) last issued its quarterly earnings results on Wednesday, June 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.15) by $0.01. GameStop had a negative return on equity of 14.87% and a negative net margin of 3.56%. The firm had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.34 billion. During the same period in the previous year, the company posted ($0.52) earnings per share. The company’s quarterly revenue was down 10.3% compared to the same quarter last year. Equities analysts anticipate that GameStop will post -0.51 EPS for the current year.

Insiders Place Their Bets

In other news, Director Lawrence Cheng bought 5,000 shares of the stock in a transaction dated Wednesday, March 29th. The shares were acquired at an average price of $22.80 per share, with a total value of $114,000.00. Following the acquisition, the director now owns 37,088 shares in the company, valued at $845,606.40. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 12.64% of the company’s stock.

Institutional Investors Weigh In On GameStop

A number of hedge funds and other institutional investors have recently bought and sold shares of GME. Covestor Ltd increased its holdings in shares of GameStop by 323.2% in the first quarter. Covestor Ltd now owns 237 shares of the company’s stock worth $39,000 after acquiring an additional 181 shares in the last quarter. Captrust Financial Advisors increased its stake in GameStop by 24.8% during the 2nd quarter. Captrust Financial Advisors now owns 1,314 shares of the company’s stock worth $161,000 after purchasing an additional 261 shares in the last quarter. Canada Pension Plan Investment Board acquired a new stake in GameStop during the 1st quarter worth approximately $50,000. Prudential Financial Inc. lifted its stake in GameStop by 8.5% in the second quarter. Prudential Financial Inc. now owns 4,640 shares of the company’s stock valued at $567,000 after buying an additional 365 shares in the last quarter. Finally, FMR LLC boosted its holdings in shares of GameStop by 4.6% in the second quarter. FMR LLC now owns 8,391 shares of the company’s stock valued at $1,026,000 after buying an additional 370 shares during the period. 25.57% of the stock is owned by institutional investors and hedge funds.

About GameStop

(Get Rating)

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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