Corsair Gaming, Inc. (NASDAQ:CRSR) Sees Large Drop in Short Interest

Corsair Gaming, Inc. (NASDAQ:CRSR) was the target of a large decline in short interest in the month of November. As of November 30th, there was short interest totalling 3,260,000 shares, a decline of 5.2% from the November 15th total of 3,440,000 shares. Based on an average daily volume of 481,500 shares, the days-to-cover ratio is presently 6.8 days. Approximately 7.3% of the shares of the company are sold short.

Hedge Funds Weigh In On Corsair Gaming

A number of hedge funds and other institutional investors have recently modified their holdings of CRSR. GAMMA Investing LLC lifted its holdings in Corsair Gaming by 995.8% during the third quarter. GAMMA Investing LLC now owns 4,745 shares of the company’s stock worth $33,000 after buying an additional 4,312 shares during the period. FMR LLC raised its position in shares of Corsair Gaming by 89.0% in the 3rd quarter. FMR LLC now owns 4,864 shares of the company’s stock worth $34,000 after acquiring an additional 2,291 shares in the last quarter. Squarepoint Ops LLC bought a new stake in Corsair Gaming during the second quarter valued at about $121,000. Intech Investment Management LLC purchased a new position in Corsair Gaming in the third quarter valued at about $77,000. Finally, Glenmede Trust Co. NA bought a new position in Corsair Gaming in the third quarter worth about $97,000. 25.66% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CRSR. The Goldman Sachs Group cut their price objective on Corsair Gaming from $9.00 to $7.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. Barclays cut their price objective on Corsair Gaming from $14.00 to $9.00 and set an “overweight” rating for the company in a research note on Thursday, November 7th. Robert W. Baird cut their price objective on Corsair Gaming from $10.00 to $8.00 and set a “neutral” rating for the company in a research note on Wednesday, September 25th. Macquarie cut their price objective on Corsair Gaming from $11.00 to $9.00 and set an “outperform” rating for the company in a research note on Friday, November 8th. Finally, TD Cowen dropped their price target on Corsair Gaming from $10.00 to $9.00 and set a “hold” rating for the company in a research note on Thursday, November 7th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $9.14.

Corsair Gaming Stock Down 1.3 %

Shares of Corsair Gaming stock opened at $7.04 on Wednesday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.58 and a quick ratio of 0.77. The stock has a market cap of $737.09 million, a price-to-earnings ratio of -7.82 and a beta of 1.62. The firm’s 50-day moving average is $7.01 and its two-hundred day moving average is $7.84. Corsair Gaming has a 1 year low of $5.59 and a 1 year high of $14.99.

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.