GameStop (NYSE:GME) Upgraded by StockNews.com to Hold

StockNews.com upgraded shares of GameStop (NYSE:GME) from a sell rating to a hold rating in a research report report published on Wednesday morning.

Separately, Wedbush reaffirmed an underperform rating and issued a $6.00 price target on shares of GameStop in a report on Thursday, November 30th.

GameStop Stock Performance

Shares of GME stock opened at $13.17 on Wednesday. The company has a market capitalization of $4.02 billion, a P/E ratio of -438.69 and a beta of -0.42. The business’s 50 day moving average is $14.30 and its two-hundred day moving average is $14.91. The company has a current ratio of 1.65, a quick ratio of 0.94 and a debt-to-equity ratio of 0.02. GameStop has a 12-month low of $11.82 and a 12-month high of $27.65.

GameStop (NYSE:GME) last issued its quarterly earnings results on Tuesday, March 26th. The company reported $0.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.07). GameStop had a negative return on equity of 0.11% and a negative net margin of 0.14%. The business had revenue of $1.79 billion for the quarter, compared to analysts’ expectations of $2.05 billion. During the same quarter in the prior year, the company posted $0.16 EPS. The business’s revenue for the quarter was down 19.4% compared to the same quarter last year. Analysts expect that GameStop will post 0.08 EPS for the current fiscal year.

Institutional Investors Weigh In On GameStop

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GME. Vanguard Group Inc. increased its stake in GameStop by 304.8% during the third quarter. Vanguard Group Inc. now owns 24,163,722 shares of the company’s stock worth $607,235,000 after acquiring an additional 18,193,982 shares during the last quarter. State Street Corp boosted its position in shares of GameStop by 307.5% during the third quarter. State Street Corp now owns 6,928,945 shares of the company’s stock worth $174,124,000 after buying an additional 5,228,654 shares during the period. Norges Bank purchased a new position in shares of GameStop during the fourth quarter worth $19,508,000. Point72 Asset Management L.P. purchased a new position in shares of GameStop during the fourth quarter worth $11,181,000. Finally, Renaissance Technologies LLC boosted its position in shares of GameStop by 11,704.3% during the first quarter. Renaissance Technologies LLC now owns 306,912 shares of the company’s stock worth $51,125,000 after buying an additional 304,312 shares during the period. Institutional investors and hedge funds 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.