Corsair Gaming (NASDAQ:CRSR) Stock Price Down 7.5% – Here’s What Happened

Corsair Gaming, Inc. (NASDAQ:CRSR)’s stock price fell 7.5% on Wednesday . The company traded as low as $10.55 and last traded at $10.66. 553,975 shares changed hands during mid-day trading, a decline of 76% from the average session volume of 2,333,382 shares. The stock had previously closed at $11.53.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on CRSR shares. Zacks Research downgraded shares of Corsair Gaming from a “strong-buy” rating to a “hold” rating in a report on Friday, March 13th. B. Riley Financial increased their target price on shares of Corsair Gaming from $6.00 to $7.00 and gave the company a “neutral” rating in a research report on Friday, February 13th. Wedbush raised their price target on shares of Corsair Gaming from $7.00 to $8.00 and gave the stock an “outperform” rating in a research note on Friday, May 8th. Barclays upped their price objective on Corsair Gaming from $8.00 to $9.00 and gave the company an “overweight” rating in a research note on Friday, May 8th. Finally, Wall Street Zen downgraded Corsair Gaming from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 9th. Three research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $8.33.

Corsair Gaming Stock Performance

The business has a 50 day moving average of $6.84 and a 200-day moving average of $6.17. The company has a market capitalization of $1.14 billion, a P/E ratio of 133.64 and a beta of 1.83. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.95 and a current ratio of 1.74.

Corsair Gaming (NASDAQ:CRSR) last announced its quarterly earnings results on Thursday, May 7th. The company reported $0.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.18 by $0.09. The firm had revenue of $354.51 million for the quarter, compared to the consensus estimate of $351.58 million. Corsair Gaming had a net margin of 0.71% and a return on equity of 9.71%. The company’s revenue for the quarter was down 4.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.11 earnings per share. On average, sell-side analysts predict that Corsair Gaming, Inc. will post 0.46 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CRSR. Vanguard Group Inc. boosted its holdings in shares of Corsair Gaming by 4.0% in the 3rd quarter. Vanguard Group Inc. now owns 6,916,703 shares of the company’s stock worth $61,697,000 after purchasing an additional 269,193 shares in the last quarter. Massachusetts Financial Services Co. MA raised its stake in shares of Corsair Gaming by 15.2% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 3,042,943 shares of the company’s stock worth $18,075,000 after acquiring an additional 401,171 shares in the last quarter. ArrowMark Colorado Holdings LLC lifted its holdings in shares of Corsair Gaming by 128.9% in the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 625,000 shares of the company’s stock worth $5,575,000 after acquiring an additional 352,000 shares during the last quarter. Nano Cap New Millennium Growth Fund L P bought a new position in shares of Corsair Gaming during the 4th quarter valued at $1,158,000. Finally, Optimize Financial Inc purchased a new position in Corsair Gaming in the 3rd quarter worth $1,396,000. 25.66% of the stock is currently owned by hedge funds and other institutional investors.

About Corsair Gaming

Corsair Gaming, Inc, headquartered in Fremont, California, is a leading manufacturer of high-performance gaming peripherals and PC components. Since its founding in 1994 by Andy Paul, Don Lieberman and John Beekley as Corsair Microsystems, the company has evolved from producing memory modules to a broad portfolio of gaming hardware. Its product range includes gaming keyboards, mice, headsets, PC chassis, power supplies, cooling solutions, memory modules, solid-state drives and streaming accessories under brands such as Corsair, Elgato and SCUF Gaming.

The company’s solutions cater to PC enthusiasts, competitive gamers and content creators, offering hardware and integrated software designed to optimize performance and user experience.