GameStop (NYSE:GME) Shares Down 6% - Here's What Happened

Shares of GameStop Corp. (NYSE:GME - Get Free Report) traded down 6% during trading on Tuesday . The company traded as low as $28.78 and last traded at $29.17. 5,899,624 shares changed hands during trading, a decline of 28% from the average session volume of 8,245,287 shares. The stock had previously closed at $31.02.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. StockNews.com raised shares of GameStop to a "sell" rating in a research note on Saturday, October 19th. Wedbush restated an "underperform" rating and issued a $10.00 target price on shares of GameStop in a research report on Friday, December 6th.

GameStop Price Performance

The business has a fifty day moving average of $29.23 and a 200-day moving average of $24.87. The stock has a market capitalization of $12.41 billion, a price-to-earnings ratio of 154.34 and a beta of -0.02.

GameStop (NYSE:GME - Get Free Report) last released its earnings results on Tuesday, December 10th. The company reported $0.06 EPS for the quarter, topping analysts' consensus estimates of ($0.03) by $0.09. The business had revenue of $860.30 million for the quarter, compared to the consensus estimate of $887.68 million. GameStop had a net margin of 1.45% and a return on equity of 2.11%. The firm's revenue was down 20.2% compared to the same quarter last year. As a group, research analysts anticipate that GameStop Corp. will post 0.08 EPS for the current year.

Insider Activity

In related news, General Counsel Mark Haymond Robinson sold 1,577 shares of the company's stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $31.07, for a total value of $48,997.39. Following the completion of the sale, the general counsel now owns 42,350 shares in the company, valued at approximately $1,315,814.50. This represents a 3.59 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Daniel William Moore sold 895 shares of GameStop stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $31.07, for a total transaction of $27,807.65. Following the transaction, the insider now owns 31,385 shares in the company, valued at approximately $975,131.95. The trade was a 2.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 12.28% of the company's stock.

Institutional Trading of GameStop

Several hedge funds and other institutional investors have recently modified their holdings of the business. Commonwealth Equity Services LLC acquired a new stake in shares of GameStop during the second quarter worth approximately $261,000. Victory Capital Management Inc. boosted its stake in shares of GameStop by 9.0% during the 2nd quarter. Victory Capital Management Inc. now owns 61,233 shares of the company's stock valued at $1,512,000 after buying an additional 5,060 shares during the period. Quest Partners LLC grew its holdings in shares of GameStop by 7,156.5% during the 2nd quarter. Quest Partners LLC now owns 6,168 shares of the company's stock valued at $152,000 after acquiring an additional 6,083 shares in the last quarter. American Century Companies Inc. acquired a new position in shares of GameStop in the second quarter worth $207,000. Finally, Federated Hermes Inc. raised its holdings in shares of GameStop by 43.2% during the second quarter. Federated Hermes Inc. now owns 28,360 shares of the company's stock worth $700,000 after acquiring an additional 8,552 shares in the last quarter. Institutional investors and hedge funds own 29.21% of the company's stock.

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.