GameStop Corp. (NYSE:GME) Sees Significant Growth in Short Interest

GameStop Corp. (NYSE:GME) was the recipient of a large increase in short interest in the month of March. As of March 31st, there was short interest totalling 65,690,000 shares, an increase of 10.3% from the March 15th total of 59,550,000 shares. Based on an average trading volume of 3,860,000 shares, the days-to-cover ratio is currently 17.0 days.

GameStop Trading Up 3.1 %

NYSE:GME opened at $10.37 on Wednesday. The company has a current ratio of 2.11, a quick ratio of 1.44 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $3.17 billion, a price-to-earnings ratio of 518.76 and a beta of -0.45. The firm has a fifty day simple moving average of $13.43 and a two-hundred day simple moving average of $14.29. GameStop has a 12 month low of $9.95 and a 12 month high of $27.65.

GameStop (NYSE:GME) last posted its quarterly earnings results on Tuesday, March 26th. The company reported $0.22 EPS for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.07). The company had revenue of $1.79 billion during the quarter, compared to analyst estimates of $2.05 billion. GameStop had a return on equity of 1.35% and a net margin of 0.13%. The company’s revenue for the quarter was down 19.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.16 earnings per share. Analysts expect that GameStop will post 0.01 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on GME shares. Wedbush decreased their price objective on shares of GameStop from $6.00 to $5.60 and set an “underperform” rating for the company in a research report on Wednesday, March 27th. StockNews.com upgraded shares of GameStop from a “sell” rating to a “hold” rating in a report on Wednesday, March 27th.

Insider Buying and Selling at GameStop

In other GameStop news, General Counsel Mark Haymond Robinson sold 4,379 shares of the company’s stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $11.61, for a total value of $50,840.19. Following the completion of the transaction, the general counsel now directly owns 64,308 shares in the company, valued at approximately $746,615.88. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other GameStop news, General Counsel Mark Haymond Robinson sold 4,379 shares of the company’s stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $11.61, for a total value of $50,840.19. Following the completion of the transaction, the general counsel now directly owns 64,308 shares in the company, valued at approximately $746,615.88. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Lawrence Cheng acquired 10,000 shares of the firm’s stock in a transaction dated Monday, April 8th. The shares were purchased at an average price of $11.22 per share, with a total value of $112,200.00. Following the completion of the transaction, the director now owns 65,088 shares of the company’s stock, valued at $730,287.36. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 5,957 shares of company stock worth $68,971. 12.64% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in GME. Vanguard Group Inc. lifted its stake in shares of GameStop by 304.8% in the third quarter. Vanguard Group Inc. now owns 24,163,722 shares of the company’s stock valued at $607,235,000 after buying an additional 18,193,982 shares in the last quarter. State Street Corp lifted its position in shares of GameStop by 307.5% during the third quarter. State Street Corp now owns 6,928,945 shares of the company’s stock valued at $174,124,000 after purchasing an additional 5,228,654 shares in the last quarter. Norges Bank bought a new position in shares of GameStop during the fourth quarter valued at about $19,508,000. Point72 Asset Management L.P. bought a new position in shares of GameStop during the fourth quarter valued at about $11,181,000. Finally, Renaissance Technologies LLC lifted its position in shares of GameStop by 11,704.3% during the first quarter. Renaissance Technologies LLC now owns 306,912 shares of the company’s stock valued at $51,125,000 after purchasing an additional 304,312 shares in the last quarter. 29.21% of the stock is owned by institutional investors.

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.