Balboa Wealth Partners Buys New Position in GameStop Corp. (NYSE:GME)

Balboa Wealth Partners purchased a new position in GameStop Corp. (NYSE:GME) during the 3rd quarter, according to its most recent disclosure with the SEC. The fund purchased 11,252 shares of the company’s stock, valued at approximately $258,000.

A number of other large investors also recently modified their holdings of GME. Van ECK Associates Corp grew its stake in shares of GameStop by 8.1% in the third quarter. Van ECK Associates Corp now owns 1,825,837 shares of the company’s stock worth $41,866,000 after acquiring an additional 136,785 shares during the last quarter. Renaissance Technologies LLC grew its position in GameStop by 34.0% in the 2nd quarter. Renaissance Technologies LLC now owns 1,347,136 shares of the company’s stock worth $33,261,000 after purchasing an additional 342,178 shares during the last quarter. Swiss National Bank increased its holdings in shares of GameStop by 0.3% during the 1st 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. Cubist Systematic Strategies LLC acquired a new position in shares of GameStop during the second quarter valued at about $9,577,000. Finally, State Board of Administration of Florida Retirement System lifted its stake in shares of GameStop by 2.8% in the first quarter. State Board of Administration of Florida Retirement System now owns 304,884 shares of the company’s stock valued at $3,817,000 after buying an additional 8,437 shares during the period. 29.21% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have commented on GME. StockNews.com raised GameStop to a “sell” rating in a report on Saturday, October 19th. Wedbush reduced 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 Buying and Selling

In other GameStop news, General Counsel Mark Haymond Robinson sold 11,000 shares of the firm’s stock in a transaction dated 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 in the company, valued at approximately $914,560.14. This trade represents a 20.03 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Daniel William Moore sold 1,972 shares of the business’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $21.96, for a total value of $43,305.12. Following the completion of the transaction, the insider now directly owns 37,280 shares of the company’s stock, valued at approximately $818,668.80. The trade was a 5.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 22,639 shares of company stock worth $481,000 in the last quarter. 12.28% of the stock is owned by corporate insiders.

GameStop Stock Down 3.0 %

Shares of GME opened at $26.56 on Friday. GameStop Corp. has a 12 month low of $9.95 and a 12 month high of $64.83. The stock has a market cap of $11.33 billion, a price-to-earnings ratio of 204.32 and a beta of -0.13. The company has a 50-day moving average price of $22.15 and a two-hundred day moving average price of $23.09.

GameStop (NYSE:GME) last announced its quarterly earnings results on Tuesday, September 10th. The company reported $0.01 EPS for the quarter, beating the consensus estimate 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%. During the same quarter in the previous year, the firm earned ($0.03) EPS. GameStop’s quarterly revenue was down 31.4% on a year-over-year basis. Equities research analysts expect that GameStop Corp. will post 0.01 EPS for the current fiscal 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.