Corsair Gaming (NASDAQ:CRSR) Reaches New 1-Year Low at $5.59

Corsair Gaming, Inc. (NASDAQ:CRSR)’s share price reached a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $5.59 and last traded at $5.63, with a volume of 115427 shares trading hands. The stock had previously closed at $5.71.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on CRSR shares. Barclays lowered their price objective on shares of Corsair Gaming from $17.00 to $14.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Robert W. Baird cut their price objective on Corsair Gaming from $14.00 to $10.00 and set a “neutral” rating for the company in a report on Friday, July 19th. Stifel Nicolaus decreased their target price on Corsair Gaming from $16.00 to $11.00 and set a “buy” rating for the company in a research note on Monday, July 22nd. Wedbush dropped their price target on shares of Corsair Gaming from $13.00 to $11.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. Finally, The Goldman Sachs Group reduced 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, August 2nd. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $11.00.

Corsair Gaming Stock Performance

The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.97 and a current ratio of 1.80. The firm has a 50 day moving average of $7.68 and a 200-day moving average of $10.23. The stock has a market capitalization of $598.50 million, a PE ratio of -71.38 and a beta of 1.58.

Corsair Gaming (NASDAQ:CRSR) last posted its quarterly earnings results on Thursday, August 1st. The company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.12). Corsair Gaming had a positive return on equity of 2.17% and a negative net margin of 2.83%. The company had revenue of $261.30 million during the quarter, compared to analysts’ expectations of $290.30 million. During the same period last year, the company earned $0.03 earnings per share. Corsair Gaming’s revenue for the quarter was down 19.7% compared to the same quarter last year. Research analysts forecast that Corsair Gaming, Inc. will post 0.07 earnings per share for the current year.

Hedge Funds Weigh In On Corsair Gaming

Several institutional investors and hedge funds have recently modified their holdings of CRSR. Victory Capital Management Inc. boosted its position in Corsair Gaming by 48.1% during the fourth quarter. Victory Capital Management Inc. now owns 26,709 shares of the company’s stock valued at $377,000 after purchasing an additional 8,680 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Corsair Gaming by 23.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,633,973 shares of the company’s stock worth $23,040,000 after purchasing an additional 305,602 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of Corsair Gaming by 94.4% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,395,985 shares of the company’s stock valued at $19,683,000 after buying an additional 678,017 shares during the last quarter. Capstone Investment Advisors LLC acquired a new position in Corsair Gaming in the fourth quarter worth approximately $352,000. Finally, Palisade Capital Management LP lifted its stake in Corsair Gaming by 19.2% in the fourth quarter. Palisade Capital Management LP now owns 1,429,110 shares of the company’s stock valued at $20,150,000 after acquiring an additional 230,390 shares during the last quarter. 25.66% of the stock is currently owned by hedge funds and other institutional investors.

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.