Insider Buying: GameStop Corp. (NYSE:GME) Director Buys 10,000 Shares of Stock

GameStop Corp. (NYSE:GME) Director Lawrence Cheng acquired 10,000 shares of GameStop stock in a transaction dated Monday, April 8th. The stock was purchased at an average price of $11.22 per share, for a total transaction of $112,200.00. Following the completion of the acquisition, the director now directly owns 65,088 shares in the company, valued at approximately $730,287.36. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

GameStop Stock Up 1.7 %

NYSE:GME traded up $0.19 during midday trading on Tuesday, hitting $11.02. 3,474,964 shares of the company were exchanged, compared to its average volume of 3,851,947. The company has a fifty day simple moving average of $13.85 and a 200 day simple moving average of $14.56. GameStop Corp. has a fifty-two week low of $10.73 and a fifty-two week high of $27.65. The company has a current ratio of 2.11, a quick ratio of 1.44 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $3.37 billion, a PE ratio of 542.77 and a beta of -0.45.

GameStop (NYSE:GME) last announced its quarterly earnings results on Tuesday, March 26th. The company reported $0.22 EPS for the quarter, missing the consensus estimate of $0.29 by ($0.07). GameStop had a return on equity of 1.35% and a net margin of 0.13%. The company had revenue of $1.79 billion for the quarter, compared to analyst estimates of $2.05 billion. During the same quarter in the prior year, the business earned $0.16 earnings per share. GameStop’s revenue was down 19.4% compared to the same quarter last year. As a group, equities analysts anticipate that GameStop Corp. will post 0.01 earnings per share for the current fiscal year.

Institutional Investors Weigh In On GameStop

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its position in GameStop by 304.8% during the 3rd quarter. Vanguard Group Inc. now owns 24,163,722 shares of the company’s stock worth $607,235,000 after purchasing an additional 18,193,982 shares during the last quarter. State Street Corp grew its position in GameStop by 307.5% during the 3rd quarter. State Street Corp now owns 6,928,945 shares of the company’s stock worth $174,124,000 after purchasing an additional 5,228,654 shares during the last quarter. Norges Bank purchased a new position in GameStop during the 4th quarter worth $19,508,000. Point72 Asset Management L.P. purchased a new position in GameStop during the 4th quarter worth $11,181,000. Finally, Renaissance Technologies LLC grew its position in GameStop by 11,704.3% during the 1st quarter. Renaissance Technologies LLC now owns 306,912 shares of the company’s stock worth $51,125,000 after purchasing an additional 304,312 shares during the last quarter. 29.21% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on GME shares. StockNews.com upgraded shares of GameStop from a “sell” rating to a “hold” rating in a report on Wednesday, March 27th. Wedbush reduced their price objective on shares of GameStop from $6.00 to $5.60 and set an “underperform” rating on the stock in a report on Wednesday, March 27th.

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.