Q2 2024 EPS Estimates for GameStop Corp. (NYSE:GME) Raised by Analyst

Posted by Defense World Staff on Jun 26th, 2023

GameStop Corp. (NYSE:GME – Get Rating) – Equities research analysts at Zacks Research increased their Q2 2024 earnings per share estimates for shares of GameStop in a report released on Wednesday, June 21st. Zacks Research analyst P. Dhar now anticipates that the company will earn ($0.19) per share for the quarter, up from their prior estimate of ($0.29). The consensus estimate for GameStop’s current full-year earnings is ($0.39) per share. Zacks Research also issued estimates for GameStop’s Q3 2024 earnings at ($0.25) EPS, FY2024 earnings at ($0.52) EPS, Q1 2025 earnings at ($0.17) EPS, Q2 2025 earnings at ($0.23) EPS, Q3 2025 earnings at ($0.25) EPS, FY2025 earnings at ($0.60) EPS, Q1 2026 earnings at ($0.16) EPS and FY2026 earnings at ($0.42) EPS.

GameStop (NYSE:GME – Get Rating) last released 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 analyst estimates of $1.34 billion. GameStop had a negative return on equity of 14.97% and a negative net margin of 3.56%. GameStop’s quarterly revenue was down 10.3% on a year-over-year basis. During the same period in the prior year, the company posted ($0.52) earnings per share.

Other equities research analysts also recently issued research reports about the company. Wedbush dropped their target price on GameStop from $6.50 to $6.20 and set an “underperform” rating on the stock in a research report on Thursday, June 8th. StockNews.com downgraded GameStop from a “hold” rating to a “sell” rating in a research report on Friday, June 9th.

GameStop Price Performance

Shares of NYSE GME opened at $23.70 on Monday. The stock has a fifty day simple moving average of $22.34 and a two-hundred day simple moving average of $21.02. GameStop has a 1-year low of $15.41 and a 1-year high of $47.99. The firm has a market cap of $7.22 billion, a price-to-earnings ratio of -34.85 and a beta of -0.29. The company has a current ratio of 1.71, a quick ratio of 1.13 and a debt-to-equity ratio of 0.02.

Insider Buying and Selling

In related news, Chairman Ryan Cohen acquired 443,842 shares of the stock in a transaction on Friday, June 9th. The stock was acquired at an average cost of $22.53 per share, for a total transaction of $9,999,760.26. Following the completion of the acquisition, the chairman now directly owns 36,847,842 shares of the company’s stock, valued at approximately $830,181,880.26. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other GameStop news, Chairman Ryan Cohen bought 443,842 shares of the stock in a transaction dated Friday, June 9th. The stock was purchased at an average cost of $22.53 per share, for a total transaction of $9,999,760.26. Following the completion of the acquisition, the chairman now owns 36,847,842 shares of the company’s stock, valued at $830,181,880.26. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Alain Attal bought 10,000 shares of the stock in a transaction dated Friday, June 9th. The shares were acquired at an average price of $22.40 per share, with a total value of $224,000.00. Following the completion of the acquisition, the director now directly owns 538,692 shares of the company’s stock, valued at approximately $12,066,700.80. The disclosure for this purchase can be found here. Insiders have acquired 458,842 shares of company stock valued at $10,337,760 over the last ninety days. 12.64% of the stock is owned by insiders.

Hedge Funds Weigh In On GameStop

Hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in GameStop by 304.8% in the 3rd quarter. Vanguard Group Inc. now owns 24,163,722 shares of the company’s stock worth $607,235,000 after purchasing an additional 18,193,982 shares during the period. BlackRock Inc. grew its position in shares of GameStop by 306.1% during the 3rd quarter. BlackRock Inc. now owns 20,957,141 shares of the company’s stock valued at $526,653,000 after acquiring an additional 15,796,817 shares during the period. State Street Corp grew its position in shares of GameStop by 307.5% during the 3rd quarter. State Street Corp now owns 6,928,945 shares of the company’s stock valued at $174,124,000 after acquiring an additional 5,228,654 shares during the period. Bank of New York Mellon Corp grew its position in shares of GameStop by 301.4% during the 3rd quarter. Bank of New York Mellon Corp now owns 2,190,263 shares of the company’s stock valued at $55,042,000 after acquiring an additional 1,644,587 shares during the period. Finally, Norges Bank bought a new stake in shares of GameStop during the 4th quarter valued at $19,508,000. 25.57% of the stock is currently owned by hedge funds and other institutional investors.

About GameStop

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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.