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

Corsair Gaming, Inc. (NASDAQ:CRSR) was the target of a large decrease in short interest during the month of October. As of October 31st, there was short interest totalling 3,260,000 shares, a decrease of 6.6% from the October 15th total of 3,490,000 shares. Approximately 7.3% of the company’s stock are short sold. Based on an average daily trading volume, of 506,800 shares, the days-to-cover ratio is presently 6.4 days.

Analyst Ratings Changes

Several brokerages have recently commented on CRSR. Stifel Nicolaus lowered their target price on shares of Corsair Gaming from $16.00 to $11.00 and set a “buy” rating for the company in a report on Monday, July 22nd. Robert W. Baird lowered their target price on Corsair Gaming from $10.00 to $8.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 25th. TD Cowen decreased their target price on Corsair Gaming from $10.00 to $9.00 and set a “hold” rating for the company in a research report on Thursday, November 7th. Macquarie cut their price objective on shares of Corsair Gaming from $11.00 to $9.00 and set an “outperform” rating for the company in a report on Friday, November 8th. Finally, Barclays decreased their price target on Corsair Gaming from $14.00 to $9.00 and set an “overweight” rating on the stock in a research report on Thursday, November 7th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $9.14.

Institutional Investors Weigh In On Corsair Gaming

A number of institutional investors and hedge funds have recently bought and sold shares of CRSR. GAMMA Investing LLC raised its stake in shares of 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 acquiring an additional 4,312 shares in the last quarter. FMR LLC grew its holdings in shares of Corsair Gaming by 89.0% during the 3rd quarter. FMR LLC now owns 4,864 shares of the company’s stock valued at $34,000 after purchasing an additional 2,291 shares during the last quarter. Intech Investment Management LLC purchased a new position in Corsair Gaming in the 3rd quarter worth $77,000. Glenmede Trust Co. NA bought a new stake in Corsair Gaming in the third quarter worth $97,000. Finally, SG Americas Securities LLC bought a new stake in Corsair Gaming in the third quarter worth $101,000. 25.66% of the stock is owned by hedge funds and other institutional investors.

Corsair Gaming Price Performance

Shares of NASDAQ:CRSR traded down $0.09 on Monday, hitting $6.61. The company’s stock had a trading volume of 322,219 shares, compared to its average volume of 454,853. The company has a market capitalization of $692.07 million, a PE ratio of -7.44 and a beta of 1.59. 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 company has a 50-day simple moving average of $6.65 and a 200 day simple moving average of $8.45. Corsair Gaming has a 1 year low of $5.59 and a 1 year high of $15.07.

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.