Geode Capital Management LLC Acquires 1,852,088 Shares of GameStop Corp. (NYSE:GME)

Geode Capital Management LLC boosted its holdings in GameStop Corp. (NYSE:GME) by 41.8% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 6,278,680 shares of the company’s stock after acquiring an additional 1,852,088 shares during the quarter. Geode Capital Management LLC’s holdings in GameStop were worth $144,009,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. CWM LLC lifted its holdings in shares of GameStop by 115.6% in the second quarter. CWM LLC now owns 2,660 shares of the company’s stock valued at $66,000 after purchasing an additional 1,426 shares in the last quarter. SG Americas Securities LLC lifted its stake in GameStop by 38.9% during the 2nd quarter. SG Americas Securities LLC now owns 12,907 shares of the company’s stock valued at $319,000 after acquiring an additional 3,614 shares in the last quarter. Nisa Investment Advisors LLC boosted its holdings in GameStop by 697.6% during the 2nd quarter. Nisa Investment Advisors LLC now owns 32,185 shares of the company’s stock worth $795,000 after acquiring an additional 28,150 shares during the last quarter. Fifth Third Wealth Advisors LLC bought a new stake in shares of GameStop in the 2nd quarter worth $197,000. Finally, Modera Wealth Management LLC purchased a new stake in shares of GameStop in the second quarter valued at about $365,000. Institutional investors and hedge funds own 29.21% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on GME. StockNews.com upgraded shares of GameStop to a “sell” rating in a report on Saturday, October 19th. Wedbush restated an “underperform” rating and issued a $10.00 target price on shares of GameStop in a research note on Friday, December 6th.

GameStop Price Performance

Shares of GameStop stock opened at $29.41 on Tuesday. The stock has a fifty day moving average price of $25.12 and a 200-day moving average price of $24.25. The firm has a market cap of $13.14 billion, a PE ratio of 163.39 and a beta of -0.11. GameStop Corp. has a 1 year low of $9.95 and a 1 year high of $64.83.

GameStop (NYSE:GME) last posted its quarterly earnings data on Tuesday, December 10th. The company reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.03) by $0.09. The company had revenue of $860.30 million during the quarter, compared to analyst estimates of $887.68 million. GameStop had a return on equity of 2.11% and a net margin of 1.45%. The company’s quarterly revenue was down 20.2% compared to the same quarter last year. As a group, equities analysts anticipate that GameStop Corp. will post 0.01 EPS for the current fiscal year.

Insider Activity

In other GameStop news, General Counsel Mark Haymond Robinson sold 11,000 shares of GameStop stock in a transaction dated 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 sale, the general counsel now owns 43,927 shares of the company’s stock, valued at $914,560.14. The trade was a 20.03 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Daniel William Moore sold 1,972 shares of the company’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $21.96, for a total value of $43,305.12. Following the completion of the transaction, the insider now owns 37,280 shares of the company’s stock, valued at $818,668.80. The trade was a 5.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 22,639 shares of company stock worth $481,000. 12.28% of the stock is currently owned by insiders.

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.