GameStop (NYSE:GME) Issues Quarterly Earnings Results

GameStop (NYSE:GME) posted its quarterly earnings results on Tuesday. The company reported $0.30 EPS for the quarter, beating the consensus estimate of $0.16 by $0.14, FiscalAI reports. The company had revenue of $835.30 million during the quarter, compared to analysts’ expectations of $766.64 million. GameStop had a return on equity of 12.47% and a net margin of 11.53%.The firm’s revenue was up 14.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.17 EPS.

GameStop Price Performance

Shares of NYSE GME opened at $20.90 on Wednesday. GameStop has a 1-year low of $19.93 and a 1-year high of $31.05. The business has a 50-day moving average of $23.25 and a 200-day moving average of $22.82. The company has a debt-to-equity ratio of 0.76, a current ratio of 15.30 and a quick ratio of 14.68. The company has a market capitalization of $9.38 billion, a price-to-earnings ratio of 27.86 and a beta of 1.77.

Insider Activity at GameStop

In other news, insider Daniel William Moore sold 7,210 shares of GameStop stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $22.94, for a total transaction of $165,397.40. Following the sale, the insider owned 101,014 shares in the company, valued at $2,317,261.16. This trade represents a 6.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, General Counsel Mark Haymond Robinson sold 7,209 shares of the business’s stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $22.94, for a total transaction of $165,374.46. Following the transaction, the general counsel directly owned 97,946 shares in the company, valued at approximately $2,246,881.24. The trade was a 6.86% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 18,331 shares of company stock worth $421,491 over the last three months. 9.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On GameStop

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. AQR Capital Management LLC boosted its position in GameStop by 312.2% in the 1st quarter. AQR Capital Management LLC now owns 29,438 shares of the company’s stock valued at $623,000 after buying an additional 22,297 shares during the last quarter. Goldman Sachs Group Inc. increased its position in shares of GameStop by 33.2% during the first quarter. Goldman Sachs Group Inc. now owns 262,143 shares of the company’s stock worth $5,851,000 after acquiring an additional 65,325 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of GameStop by 9.2% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,131,481 shares of the company’s stock worth $25,255,000 after acquiring an additional 94,892 shares in the last quarter. American Century Companies Inc. lifted its stake in shares of GameStop by 6.5% in the second quarter. American Century Companies Inc. now owns 35,473 shares of the company’s stock worth $865,000 after acquiring an additional 2,162 shares in the last quarter. Finally, EverSource Wealth Advisors LLC boosted its holdings in GameStop by 226.6% in the second quarter. EverSource Wealth Advisors LLC now owns 1,277 shares of the company’s stock valued at $31,000 after purchasing an additional 886 shares during the last quarter. Hedge funds and other institutional investors own 29.21% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Wall Street Zen cut shares of GameStop from a “hold” rating to a “sell” rating in a research report on Saturday, March 28th. Weiss Ratings raised shares of GameStop from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, May 1st. One research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus price target of $13.50.

About GameStop

GameStop Corp. (NYSE:GME) is a global specialty retailer focused on video games, gaming consoles, consumer electronics and related accessories. The company operates a network of physical retail stores alongside an e-commerce platform, offering new and pre-owned products spanning the latest game software, hardware, collectibles and lifestyle merchandise. GameStop’s retail footprint is complemented by digital marketplaces for trade-ins and online purchases, as well as a membership program that provides exclusive content and rewards.

Originally founded in 1984 as Babbage’s in Dallas, Texas, the company adopted the GameStop name in 1999 following its merger with Software Etc.