GameStop (NYSE:GME) Stock Price Up 3.5% – Time to Buy?

GameStop Corp. (NYSE:GME)’s share price rose 3.5% on Friday . The company traded as high as $24.32 and last traded at $24.33. Approximately 1,360,470 shares traded hands during mid-day trading, a decline of 93% from the average daily volume of 19,309,492 shares. The stock had previously closed at $23.51.

Analyst Upgrades and Downgrades

Separately, Wedbush reiterated an “underperform” rating and set a $10.00 target price on shares of GameStop in a research report on Friday, December 6th.

GameStop Trading Up 4.8 %

The stock has a fifty day simple moving average of $25.90 and a two-hundred day simple moving average of $25.58. The company has a market cap of $11.00 billion, a PE ratio of 136.84 and a beta of -0.29.

Insider Buying and Selling

In other news, insider Daniel William Moore sold 895 shares of the company’s stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $31.07, for a total transaction of $27,807.65. Following the completion of the sale, the insider now directly owns 31,385 shares in the company, valued at $975,131.95. This represents a 2.77 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, General Counsel Mark Haymond Robinson sold 1,577 shares of the company’s stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $31.07, for a total value of $48,997.39. Following the sale, the general counsel now owns 42,350 shares of the company’s stock, valued at approximately $1,315,814.50. The trade was a 3.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 12.28% of the company’s stock.

Institutional Trading of GameStop

Institutional investors and hedge funds have recently made changes to their positions in the company. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in GameStop by 223.5% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 990 shares of the company’s stock worth $31,000 after purchasing an additional 684 shares during the period. New Wave Wealth Advisors LLC purchased a new stake in GameStop during the 4th quarter worth $37,000. R Squared Ltd purchased a new stake in GameStop during the 4th quarter worth $51,000. Bessemer Group Inc. boosted its position in GameStop by 67.2% during the 4th quarter. Bessemer Group Inc. now owns 1,720 shares of the company’s stock worth $54,000 after purchasing an additional 691 shares during the period. Finally, UMB Bank n.a. boosted its position in GameStop by 59.9% during the 4th quarter. UMB Bank n.a. now owns 1,820 shares of the company’s stock worth $57,000 after purchasing an additional 682 shares during the period. 29.21% of the stock is currently owned by institutional investors and hedge funds.

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.