GameStop (NYSE:GME) Announces Quarterly Earnings Results

GameStop (NYSE:GME) released its quarterly earnings data on Tuesday. The company reported $0.17 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.13, Zacks reports. GameStop had a return on equity of 2.11% and a net margin of 1.45%. The business had revenue of $732.40 million during the quarter, compared to analysts’ expectations of $754.23 million. During the same quarter last year, the business posted ($0.12) EPS. The business’s revenue was down 16.9% on a year-over-year basis.

GameStop Trading Down 5.4%

Shares of NYSE:GME opened at $28.52 on Thursday. The stock has a market capitalization of $12.76 billion, a price-to-earnings ratio of 158.46 and a beta of -0.69. The stock has a fifty day simple moving average of $28.03 and a two-hundred day simple moving average of $27.46. GameStop has a 12-month low of $18.73 and a 12-month high of $35.81.

Wall Street Analysts Forecast Growth

GME has been the subject of a number of research analyst reports. Wedbush restated an “underperform” rating and issued a $13.50 target price on shares of GameStop in a research note on Wednesday. Wall Street Zen upgraded GameStop from a “sell” rating to a “hold” rating in a research note on Thursday, March 27th.

Insiders Place Their Bets

In other news, CEO Ryan Cohen acquired 500,000 shares of the business’s stock in a transaction that occurred on Thursday, April 3rd. The stock was bought at an average price of $21.55 per share, with a total value of $10,775,000.00. Following the completion of the acquisition, the chief executive officer now directly owns 37,347,842 shares of the company’s stock, valued at approximately $804,845,995.10. The trade was a 1.36% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Alain Attal acquired 10,000 shares of the business’s stock in a transaction that occurred on Thursday, April 10th. The stock was purchased at an average cost of $25.75 per share, with a total value of $257,500.00. Following the acquisition, the director now directly owns 572,464 shares of the company’s stock, valued at $14,740,948. This trade represents a 1.78% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 515,000 shares of company stock valued at $11,140,200. Corporate insiders own 12.28% of the company’s stock.

Institutional Trading of GameStop

Several large investors have recently modified their holdings of GME. AQR Capital Management LLC grew its holdings in shares of GameStop by 312.2% in the first quarter. AQR Capital Management LLC now owns 29,438 shares of the company’s stock worth $623,000 after acquiring an additional 22,297 shares during the period. Goldman Sachs Group Inc. grew its holdings in GameStop by 33.2% during the first quarter. Goldman Sachs Group Inc. now owns 262,143 shares of the company’s stock valued at $5,851,000 after purchasing an additional 65,325 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in GameStop by 9.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,131,481 shares of the company’s stock valued at $25,255,000 after purchasing an additional 94,892 shares during the period. Institutional investors own 29.21% of the company’s stock.

GameStop Company Profile

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.