Corsair Gaming (NASDAQ:CRSR) Given New $9.00 Price Target at The Goldman Sachs Group

Corsair Gaming (NASDAQ:CRSR) had its price target reduced by The Goldman Sachs Group from $13.00 to $9.00 in a research note published on Friday, Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the stock.

A number of other research analysts have also weighed in on the company. Wedbush reduced their target price on Corsair Gaming from $13.00 to $11.00 and set an outperform rating for the company in a report on Friday. Barclays cut their price objective on Corsair Gaming from $17.00 to $14.00 and set an overweight rating for the company in a report on Friday. Robert W. Baird cut their price objective on Corsair Gaming from $14.00 to $10.00 and set a neutral rating for the company in a report on Friday, July 19th. Finally, Stifel Nicolaus cut their price objective on Corsair Gaming from $16.00 to $11.00 and set a buy rating for the company in a report on Monday, July 22nd. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $11.83.

Corsair Gaming Stock Performance

CRSR traded up $0.23 during trading hours on Friday, hitting $6.26. The stock had a trading volume of 591,565 shares, compared to its average volume of 418,694. The company’s fifty day simple moving average is $10.16 and its 200 day simple moving average is $11.48. Corsair Gaming has a 1 year low of $5.62 and a 1 year high of $16.73. The stock has a market cap of $650.45 million, a PE ratio of -75.31 and a beta of 1.60. The company has a quick ratio of 1.08, a current ratio of 1.82 and a debt-to-equity ratio of 0.25.

Corsair Gaming (NASDAQ:CRSR) last posted its earnings results on Thursday, August 1st. The company reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.12). The company had revenue of $261.30 million for the quarter, compared to analysts’ expectations of $290.30 million. Corsair Gaming had a negative net margin of 2.83% and a positive return on equity of 2.15%. The firm’s quarterly revenue was down 19.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.03 EPS. Equities analysts anticipate that Corsair Gaming will post 0.31 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of CRSR. Massachusetts Financial Services Co. MA lifted its position in Corsair Gaming by 94.4% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,395,985 shares of the company’s stock worth $19,683,000 after buying an additional 678,017 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Corsair Gaming by 23.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,633,973 shares of the company’s stock worth $23,040,000 after buying an additional 305,602 shares during the last quarter. Palisade Capital Management LP lifted its position in Corsair Gaming by 19.2% in the 4th quarter. Palisade Capital Management LP now owns 1,429,110 shares of the company’s stock worth $20,150,000 after buying an additional 230,390 shares during the last quarter. Vanguard Group Inc. lifted its position in Corsair Gaming by 2.8% in the 3rd quarter. Vanguard Group Inc. now owns 5,429,071 shares of the company’s stock worth $78,884,000 after buying an additional 149,947 shares during the last quarter. Finally, GSA Capital Partners LLP bought a new stake in Corsair Gaming in the 1st quarter worth approximately $1,318,000. Hedge funds and other institutional investors own 25.66% of the company’s stock.

About Corsair Gaming

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.