GameStop (NYSE:GME) Shares Gap Up - Here's What Happened

Shares of GameStop Corp. (NYSE:GME - Get Free Report) gapped up before the market opened on Friday . The stock had previously closed at $26.34, but opened at $28.90. GameStop shares last traded at $27.72, with a volume of 5,231,312 shares traded.

Analysts Set New Price Targets

Separately, Wedbush restated an "underperform" rating and set a $10.00 target price on shares of GameStop in a research report on Friday, December 6th.

GameStop Trading Down 0.1 %

The business has a 50-day moving average price of $28.90 and a 200-day moving average price of $25.24. The stock has a market cap of $12.05 billion, a PE ratio of 149.81 and a beta of -0.11.

GameStop (NYSE:GME - Get Free Report) last announced its earnings results on Tuesday, December 10th. The company reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.03) by $0.09. GameStop had a net margin of 1.45% and a return on equity of 2.11%. The business had revenue of $860.30 million for the quarter, compared to analyst estimates of $887.68 million. The business's revenue for the quarter was down 20.2% on a year-over-year basis. Equities analysts expect that GameStop Corp. will post 0.08 earnings per share for the current year.

Insider Buying and Selling at GameStop

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

Hedge Funds Weigh In On GameStop

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of GameStop by 223.5% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 990 shares of the company's stock worth $31,000 after acquiring an additional 684 shares during the period. New Wave Wealth Advisors LLC acquired a new stake in GameStop during the fourth quarter worth about $37,000. R Squared Ltd purchased a new position in GameStop during the fourth quarter worth about $51,000. Bessemer Group Inc. boosted its holdings in GameStop by 67.2% in the 4th quarter. Bessemer Group Inc. now owns 1,720 shares of the company's stock valued at $54,000 after purchasing an additional 691 shares during the last quarter. Finally, UMB Bank n.a. grew its stake in shares of GameStop by 59.9% in the 4th quarter. UMB Bank n.a. now owns 1,820 shares of the company's stock valued at $57,000 after buying an additional 682 shares during the period. 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.