GameStop Corp. (NYSE:GME) Sees Large Drop in Short Interest

GameStop Corp. (NYSE:GME) was the target of a significant decrease in short interest in October. As of October 15th, there was short interest totalling 35,960,000 shares, a decrease of 5.7% from the September 30th total of 38,130,000 shares. Based on an average trading volume of 8,180,000 shares, the days-to-cover ratio is currently 4.4 days.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. StockNews.com upgraded GameStop to a “sell” rating in a research report on Saturday, October 19th. Wedbush decreased their target price on GameStop from $11.00 to $10.00 and set an “underperform” rating for the company in a research report on Wednesday, September 11th.

Insider Activity

In other GameStop news, insider Daniel William Moore sold 1,972 shares of the company’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $21.96, for a total transaction of $43,305.12. Following the completion of the sale, the insider now directly owns 37,280 shares in the company, valued at $818,668.80. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other GameStop news, General Counsel Mark Haymond Robinson sold 11,000 shares of the stock in a transaction that occurred on Thursday, October 10th. The stock was sold at an average price of $20.82, for a total transaction of $229,020.00. Following the transaction, the general counsel now owns 43,927 shares of the company’s stock, valued at $914,560.14. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Daniel William Moore sold 1,972 shares of the stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $21.96, for a total value of $43,305.12. Following the transaction, the insider now directly owns 37,280 shares in the company, valued at approximately $818,668.80. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 22,639 shares of company stock worth $481,000 over the last three months. 12.28% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On GameStop

A number of institutional investors have recently made changes to their positions in GME. PNC Financial Services Group Inc. increased its stake in shares of GameStop by 21.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 12,025 shares of the company’s stock worth $211,000 after purchasing an additional 2,105 shares during the period. State of Michigan Retirement System increased its stake in shares of GameStop by 2.5% in the first quarter. State of Michigan Retirement System now owns 66,000 shares of the company’s stock worth $826,000 after purchasing an additional 1,600 shares during the period. BNP Paribas Financial Markets increased its stake in shares of GameStop by 7.0% in the first quarter. BNP Paribas Financial Markets now owns 157,242 shares of the company’s stock worth $1,969,000 after purchasing an additional 10,289 shares during the period. Texas Permanent School Fund Corp increased its stake in shares of GameStop by 1.5% in the first quarter. Texas Permanent School Fund Corp now owns 235,081 shares of the company’s stock worth $2,943,000 after purchasing an additional 3,459 shares during the period. Finally, Swiss National Bank increased its stake in shares of GameStop by 0.3% in the first quarter. Swiss National Bank now owns 542,828 shares of the company’s stock worth $6,796,000 after purchasing an additional 1,400 shares during the period. 29.21% of the stock is currently owned by institutional investors.

GameStop Stock Up 0.8 %

Shares of GameStop stock traded up $0.17 during midday trading on Friday, hitting $22.35. The company’s stock had a trading volume of 2,523,462 shares, compared to its average volume of 19,733,170. The firm has a market capitalization of $9.53 billion, a P/E ratio of 170.71 and a beta of -0.19. The stock has a 50-day simple moving average of $21.61 and a 200-day simple moving average of $22.10. GameStop has a 1-year low of $9.95 and a 1-year high of $64.83.

GameStop (NYSE:GME) last posted its quarterly earnings data on Tuesday, September 10th. The company reported $0.01 EPS for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.09. The business had revenue of $798.30 million for the quarter, compared to analyst estimates of $895.67 million. GameStop had a return on equity of 1.79% and a net margin of 0.93%. The firm’s revenue for the quarter was down 31.4% on a year-over-year basis. During the same period in the previous year, the company posted ($0.03) earnings per share. As a group, sell-side analysts predict that GameStop will post 0.01 earnings per share for the current year.

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.