Corsair Gaming (NASDAQ:CRSR) Shares Gap Down After Analyst Downgrade

Corsair Gaming, Inc. (NASDAQ:CRSR)’s stock price gapped down before the market opened on Thursday after The Goldman Sachs Group lowered their price target on the stock from $9.00 to $7.00. The stock had previously closed at $7.12, but opened at $6.18. The Goldman Sachs Group currently has a neutral rating on the stock. Corsair Gaming shares last traded at $6.97, with a volume of 299,783 shares changing hands.

A number of other research firms also recently weighed in on CRSR. Barclays cut their price target on shares of Corsair Gaming from $14.00 to $9.00 and set an “overweight” rating on the stock in a report on Thursday. Stifel Nicolaus cut their price target on shares of Corsair Gaming from $16.00 to $11.00 and set a “buy” rating on the stock in a report on Monday, July 22nd. Robert W. Baird cut their price target on shares of Corsair Gaming from $10.00 to $8.00 and set a “neutral” rating on the stock in a report on Wednesday, September 25th. Finally, Wedbush restated an “outperform” rating and set a $11.00 price target on shares of Corsair Gaming in a report on Tuesday. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $9.20.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Creative Planning raised its holdings in Corsair Gaming by 579.2% in the 3rd quarter. Creative Planning now owns 82,182 shares of the company’s stock worth $572,000 after acquiring an additional 70,083 shares during the period. GAMMA Investing LLC increased its holdings in shares of Corsair Gaming by 995.8% during the 3rd quarter. GAMMA Investing LLC now owns 4,745 shares of the company’s stock worth $33,000 after purchasing an additional 4,312 shares during the period. SG Americas Securities LLC bought a new position in shares of Corsair Gaming during the 3rd quarter worth about $101,000. Algert Global LLC increased its holdings in shares of Corsair Gaming by 10.6% during the 2nd quarter. Algert Global LLC now owns 128,279 shares of the company’s stock worth $1,416,000 after purchasing an additional 12,297 shares during the period. Finally, The Manufacturers Life Insurance Company increased its holdings in shares of Corsair Gaming by 18.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 24,759 shares of the company’s stock worth $273,000 after purchasing an additional 3,906 shares during the period. Institutional investors own 25.66% of the company’s stock.

Corsair Gaming Stock Performance

The firm’s fifty day moving average price is $6.60 and its 200-day moving average price is $8.69. The company has a current ratio of 1.80, a quick ratio of 0.97 and a debt-to-equity ratio of 0.26. The company has a market cap of $710.30 million, a P/E ratio of -18.30 and a beta of 1.59.

Corsair Gaming (NASDAQ:CRSR) last issued its earnings results on Wednesday, November 6th. The company reported ($0.36) earnings per share for the quarter. Corsair Gaming had a negative net margin of 2.83% and a positive return on equity of 2.17%. The business had revenue of $304.20 million for the quarter, compared to analyst estimates of $305.03 million. As a group, research analysts forecast that Corsair Gaming, Inc. will post 0.07 EPS for the current fiscal year.

Corsair Gaming Company Profile

Corsair Gaming, Inc, together with its subsidiaries, designs, develops, markets, and sells gaming and streaming peripherals, components and systems in the Americas, Europe, the Middle East, and the Asia Pacific. It offers gamer and creator peripherals, including gaming keyboards, mice, headsets, controllers, and streaming products, such as capture cards, stream decks, microphones and audio interfaces, facecam streaming cameras, studio accessories, gaming furniture, and other related products.