GameStop (NYSE:GME) Trading 7% Higher – Here’s Why

Shares of GameStop Corp. (NYSE:GME) traded up 7% during mid-day trading on Wednesday . The company traded as high as $29.75 and last traded at $29.49. 13,743,585 shares changed hands during mid-day trading, a decline of 29% from the average session volume of 19,330,438 shares. The stock had previously closed at $27.57.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. StockNews.com upgraded shares of GameStop to a “sell” rating in a research report on Saturday, October 19th. Wedbush decreased their price objective on shares of GameStop from $11.00 to $10.00 and set an “underperform” rating on the stock in a research report on Wednesday, September 11th.

GameStop Stock Up 0.3 %

The business’s 50-day simple moving average is $22.63 and its 200-day simple moving average is $23.60. The stock has a market cap of $11.90 billion, a PE ratio of 214.15 and a beta of -0.13.

GameStop (NYSE:GME) last announced its earnings results on Tuesday, September 10th. The company reported $0.01 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.09. The firm had revenue of $798.30 million for the quarter, compared to analyst estimates of $895.67 million. GameStop had a net margin of 0.93% and a return on equity of 1.79%. The company’s revenue for the quarter was down 31.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.03) EPS. As a group, equities research analysts anticipate that GameStop Corp. will post 0.01 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Daniel William Moore sold 1,972 shares of the company’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $21.96, for a total value of $43,305.12. Following the transaction, the insider now owns 37,280 shares in the company, valued at approximately $818,668.80. This represents a 5.02 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, General Counsel Mark Haymond Robinson sold 11,000 shares of the company’s stock in a transaction that occurred on Thursday, October 10th. The stock was sold at an average price of $20.82, for a total transaction of $229,020.00. Following the completion of the transaction, the general counsel now owns 43,927 shares in the company, valued at approximately $914,560.14. This represents a 20.03 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 22,639 shares of company stock valued at $481,000. Corporate insiders own 12.28% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. UMB Bank n.a. raised its holdings in shares of GameStop by 535.8% during the third quarter. UMB Bank n.a. now owns 1,138 shares of the company’s stock valued at $26,000 after purchasing an additional 959 shares during the last quarter. AlphaMark Advisors LLC raised its holdings in shares of GameStop by 41.7% during the second quarter. AlphaMark Advisors LLC now owns 1,345 shares of the company’s stock valued at $33,000 after purchasing an additional 396 shares during the last quarter. Centerpoint Advisors LLC purchased a new position in shares of GameStop during the second quarter valued at approximately $47,000. GAMMA Investing LLC raised its holdings in shares of GameStop by 32.9% during the second quarter. GAMMA Investing LLC now owns 2,064 shares of the company’s stock valued at $51,000 after purchasing an additional 511 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its holdings in shares of GameStop by 147.2% during the first quarter. Russell Investments Group Ltd. now owns 5,080 shares of the company’s stock valued at $65,000 after purchasing an additional 3,025 shares during the last quarter. Institutional investors own 29.21% of the company’s stock.

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.