GameStop (NYSE:GME) Trading 7% Higher – Here’s Why

GameStop Corp. (NYSE:GME) traded up 7% during mid-day trading on Wednesday . The company traded as high as $29.75 and last traded at $29.49. 13,743,585 shares changed hands during mid-day trading, a decline of 29% from the average session volume of 19,330,438 shares. The stock had previously closed at $27.57.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on GME. StockNews.com upgraded GameStop to a “sell” rating in a report on Saturday, October 19th. Wedbush decreased their price objective on shares of GameStop from $11.00 to $10.00 and set an “underperform” rating for the company in a report on Wednesday, September 11th.

GameStop Stock Up 3.0 %

The firm has a fifty day moving average of $22.33 and a 200-day moving average of $23.54. The firm has a market cap of $12.12 billion, a P/E ratio of 227.25 and a beta of -0.13.

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

Insider Buying and Selling

In other GameStop news, insider Daniel William Moore sold 2,624 shares of GameStop stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $21.00, for a total value of $55,104.00. Following the transaction, the insider now owns 32,280 shares in the company, valued at $677,880. The trade was a 7.52 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, General Counsel Mark Haymond Robinson sold 4,667 shares of the business’s stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $21.96, for a total transaction of $102,487.32. Following the sale, the general counsel now directly owns 54,927 shares in the company, valued at approximately $1,206,196.92. The trade was a 7.83 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 22,639 shares of company stock valued at $481,000. 12.28% of the stock is owned by insiders.

Hedge Funds Weigh In On GameStop

Several large investors have recently bought and sold shares of GME. AlphaMark Advisors LLC grew its holdings in GameStop by 41.7% during the 2nd quarter. AlphaMark Advisors LLC now owns 1,345 shares of the company’s stock worth $33,000 after acquiring an additional 396 shares during the last quarter. GAMMA Investing LLC grew its position in shares of GameStop by 32.9% in the 2nd quarter. GAMMA Investing LLC now owns 2,064 shares of the company’s stock valued at $51,000 after buying an additional 511 shares during the last quarter. CWM LLC increased its stake in shares of GameStop by 19.9% in the third quarter. CWM LLC now owns 3,189 shares of the company’s stock valued at $73,000 after buying an additional 529 shares during the period. UMB Bank n.a. boosted its holdings in GameStop by 535.8% in the third quarter. UMB Bank n.a. now owns 1,138 shares of the company’s stock valued at $26,000 after acquiring an additional 959 shares during the last quarter. Finally, United Services Automobile Association increased its position in GameStop by 4.6% during the 3rd quarter. United Services Automobile Association now owns 22,500 shares of the company’s stock valued at $516,000 after purchasing an additional 999 shares during the period. 29.21% of the stock is currently owned by institutional investors.

GameStop Company Profile

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.