Ryan Cohen Purchases 500,000 Shares of GameStop Corp. (NYSE:GME) Stock

GameStop Corp. (NYSE:GME - Get Free Report) CEO Ryan Cohen bought 500,000 shares of the stock in a transaction on Thursday, April 3rd. The shares were acquired at an average cost of $21.55 per share, for a total transaction of $10,775,000.00. Following the purchase, the chief executive officer now owns 37,347,842 shares in the company, valued at $804,845,995.10. The trade was a 1.36 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

GameStop Trading Up 5.3 %

GME stock traded up $1.32 during trading on Friday, reaching $26.34. 10,918,787 shares of the stock were exchanged, compared to its average volume of 20,354,994. The firm has a market capitalization of $11.78 billion, a price-to-earnings ratio of 146.35 and a beta of -0.44. The business has a 50 day moving average price of $24.51 and a 200-day moving average price of $25.86. GameStop Corp. has a 1 year low of $9.95 and a 1 year high of $64.83.

GameStop (NYSE:GME - Get Free Report) last released its quarterly earnings data on Tuesday, March 25th. The company reported $0.30 EPS for the quarter, beating analysts' consensus estimates of $0.09 by $0.21. The firm had revenue of $1.28 billion for the quarter, compared to analysts' expectations of $1.48 billion. GameStop had a return on equity of 2.11% and a net margin of 1.45%. The firm's quarterly revenue was down 28.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.21 earnings per share. On average, research analysts anticipate that GameStop Corp. will post 0.08 EPS for the current year.

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Hedge Funds Weigh In On GameStop

A number of hedge funds have recently modified their holdings of the business. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position 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 purchasing an additional 684 shares during the period. New Wave Wealth Advisors LLC purchased a new position in shares of GameStop during the fourth quarter worth $37,000. R Squared Ltd acquired a new stake in shares of GameStop in the fourth quarter valued at $51,000. Bessemer Group Inc. raised its holdings in shares of 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 buying an additional 691 shares during the period. Finally, UMB Bank n.a. lifted its stake in GameStop by 59.9% during the 4th quarter. UMB Bank n.a. now owns 1,820 shares of the company's stock worth $57,000 after acquiring an additional 682 shares in the last quarter. 29.21% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently weighed in on GME. StockNews.com upgraded GameStop from a "sell" rating to a "hold" rating in a report on Thursday, March 27th. Wedbush set a $11.50 target price on GameStop in a report on Wednesday, March 26th.

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.