GameStop Corp. (NYSE:GME – Get Rating) gapped up before the market opened on Tuesday following insider buying activity. The stock had previously closed at $24.30, but opened at $26.20. GameStop shares last traded at $26.34, with a volume of 3,663,727 shares trading hands.
Specifically, Director Lawrence Cheng acquired 5,000 shares of the stock in a transaction dated Wednesday, March 29th. The shares were purchased at an average price of $22.80 per share, for a total transaction of $114,000.00. Following the purchase, the director now directly owns 37,088 shares of the company’s stock, valued at $845,606.40. The acquisition was disclosed in a filing with the SEC, which is available at this link. In related news, Director Lawrence Cheng acquired 5,000 shares of the business’s stock in a transaction on Wednesday, March 29th. The stock was acquired at an average cost of $22.80 per share, with a total value of $114,000.00. Following the acquisition, the director now directly owns 37,088 shares in the company, valued at approximately $845,606.40. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Ryan Cohen acquired 443,842 shares of the business’s stock in a transaction on Friday, June 9th. The shares were bought at an average cost of $22.53 per share, with a total value of $9,999,760.26. Following the completion of the acquisition, the chairman now owns 36,847,842 shares in the company, valued at $830,181,880.26. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 458,842 shares of company stock worth $10,337,760. Company insiders own 12.64% of the company’s stock.
Wall Street Analyst Weigh In
GME has been the subject of several recent research reports. StockNews.com downgraded GameStop from a “hold” rating to a “sell” rating in a report on Friday, June 9th. Wedbush dropped their price target on GameStop from $6.50 to $6.20 and set an “underperform” rating on the stock in a research note on Thursday, June 8th.
GameStop Trading Up 10.9 %
GameStop (NYSE:GME – Get Rating) last issued its 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. The company had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.34 billion. GameStop had a negative return on equity of 14.97% and a negative net margin of 3.56%. The firm’s quarterly revenue was down 10.3% on a year-over-year basis. During the same period in the prior year, the business earned ($0.52) EPS. On average, research analysts forecast that GameStop Corp. will post -0.45 EPS for the current year.
Institutional Investors Weigh In On GameStop
A number of hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. grew its stake in GameStop by 304.8% during the 3rd quarter. Vanguard Group Inc. now owns 24,163,722 shares of the company’s stock worth $607,235,000 after buying an additional 18,193,982 shares during the last quarter. BlackRock Inc. lifted its holdings in shares of GameStop by 306.1% in the 3rd quarter. BlackRock Inc. now owns 20,957,141 shares of the company’s stock valued at $526,653,000 after buying an additional 15,796,817 shares during the period. State Street Corp lifted its holdings in shares of GameStop by 307.5% in the 3rd quarter. State Street Corp now owns 6,928,945 shares of the company’s stock valued at $174,124,000 after buying an additional 5,228,654 shares during the period. Bank of New York Mellon Corp raised its holdings in GameStop by 301.4% during the third quarter. Bank of New York Mellon Corp now owns 2,190,263 shares of the company’s stock worth $55,042,000 after purchasing an additional 1,644,587 shares during the last quarter. Finally, Norges Bank acquired a new position in GameStop during the fourth quarter worth $19,508,000. Institutional investors and hedge funds own 25.57% of the company’s stock.
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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