Norges Bank Takes $2.01 Million Position in GameStop Corp. (NYSE:GME)

Norges Bank bought a new position in shares of GameStop Corp. (NYSE:GME - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 64,188 shares of the company's stock, valued at approximately $2,012,000.

Several other hedge funds have also added to or reduced their stakes in the company. Mitsubishi UFJ Asset Management Co. Ltd. lifted 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 valued at $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 acquired a new stake in GameStop during the fourth quarter worth about $51,000. UMB Bank n.a. raised its position 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 in the last quarter. Finally, SBI Securities Co. Ltd. bought a new stake in shares of GameStop during the 4th quarter worth approximately $99,000. 29.21% of the stock is owned by institutional investors and hedge funds.

GameStop Stock Performance

Shares of GameStop stock traded up $0.56 during midday trading on Monday, hitting $26.96. 10,569,350 shares of the company traded hands, compared to its average volume of 20,384,527. GameStop Corp. has a 12 month low of $9.95 and a 12 month high of $64.83. The stock has a market cap of $12.05 billion, a price-to-earnings ratio of 149.79 and a beta of -0.44. The firm's fifty day moving average price is $24.51 and its 200-day moving average price is $25.89.

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

Analysts Set New Price Targets

Several research analysts have commented on the stock. Wedbush set a $11.50 price objective on shares of GameStop in a research report on Wednesday, March 26th. StockNews.com upgraded GameStop from a "sell" rating to a "hold" rating in a research report on Thursday, March 27th.

Insider Transactions at GameStop

In other GameStop news, CEO Ryan Cohen acquired 500,000 shares of GameStop stock in a transaction dated Thursday, April 3rd. The stock was purchased at an average cost of $21.55 per share, for a total transaction of $10,775,000.00. Following the completion of the acquisition, the chief executive officer now directly owns 37,347,842 shares of the company's stock, valued at $804,845,995.10. This represents a 1.36 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Daniel William Moore sold 1,608 shares of the business's stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $22.53, for a total transaction of $36,228.24. Following the sale, the insider now directly owns 29,777 shares of the company's stock, valued at approximately $670,875.81. The trade was a 5.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have bought 515,000 shares of company stock worth $11,140,200. Company insiders own 12.28% of the company's stock.

GameStop 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.