Corsair Gaming (NASDAQ:CRSR) Announces Earnings Results

Corsair Gaming (NASDAQ:CRSR) released its earnings results on Thursday. The company reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.12), Briefing.com reports. The firm had revenue of $261.30 million for the quarter, compared to analyst estimates of $290.30 million. Corsair Gaming had a positive return on equity of 2.15% and a negative net margin of 2.83%. The firm’s revenue was down 19.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.03 EPS. Corsair Gaming updated its FY 2024 guidance to EPS.

Corsair Gaming Price Performance

NASDAQ:CRSR traded down $1.48 during mid-day trading on Friday, hitting $6.41. The company’s stock had a trading volume of 1,330,409 shares, compared to its average volume of 623,110. Corsair Gaming has a fifty-two week low of $6.38 and a fifty-two week high of $18.45. The company has a current ratio of 1.82, a quick ratio of 1.08 and a debt-to-equity ratio of 0.25. The company has a market capitalization of $666.04 million, a price-to-earnings ratio of -80.13 and a beta of 1.60. The stock has a fifty day moving average of $10.27 and a 200-day moving average of $11.54.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on CRSR shares. Wedbush cut their target price on shares of Corsair Gaming from $13.00 to $11.00 and set an “outperform” rating for the company in a research report on Friday. Barclays cut their target price on shares of Corsair Gaming from $17.00 to $14.00 and set an “overweight” rating for the company in a research report on Friday. Stifel Nicolaus cut their price objective on shares of Corsair Gaming from $16.00 to $11.00 and set a “buy” rating for the company in a research report on Monday, July 22nd. The Goldman Sachs Group cut their price objective on shares of Corsair Gaming from $13.00 to $9.00 and set a “neutral” rating for the company in a research report on Friday. Finally, Robert W. Baird cut their price objective on shares of Corsair Gaming from $14.00 to $10.00 and set a “neutral” rating for the company in a research report on Friday, July 19th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $11.83.

About Corsair Gaming

Corsair Gaming, Inc, together with its subsidiaries, designs, develops, markets, and sells gaming and streaming peripherals, components and systems in the Americas, Europe, the Middle East, and the Asia Pacific. It offers gamer and creator peripherals, including gaming keyboards, mice, headsets, controllers, and streaming products, such as capture cards, stream decks, microphones and audio interfaces, facecam streaming cameras, studio accessories, gaming furniture, and other related products.