Wedbush Reaffirms “Underperform” Rating for GameStop (NYSE:GME)

GameStop (NYSE:GME)‘s stock had its “underperform” rating restated by analysts at Wedbush in a research report issued on Monday,RTT News reports. They currently have a $10.00 target price on the stock. Wedbush’s price target would indicate a potential downside of 61.07% from the stock’s current price.

GameStop Stock Performance

Shares of NYSE:GME traded up $0.94 during trading on Monday, reaching $25.69. 2,241,708 shares of the stock traded hands, compared to its average volume of 19,385,228. GameStop has a 52-week low of $9.95 and a 52-week high of $64.83. The stock has a 50-day moving average of $25.75 and a two-hundred day moving average of $25.64. The stock has a market cap of $11.48 billion, a P/E ratio of 142.73 and a beta of -0.29.

Insiders Place Their Bets

In other GameStop news, General Counsel Mark Haymond Robinson sold 1,577 shares of the stock in a transaction that occurred on 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 in the company, 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 legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Daniel William Moore sold 895 shares of the firm’s stock in a transaction on 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 owns 31,385 shares in the company, valued at $975,131.95. The trade was a 2.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 12.28% of the company’s stock.

Institutional Trading of GameStop

Several institutional investors and hedge funds have recently modified their holdings of the company. CIBC Asset Management Inc raised its position in shares of GameStop by 5.7% during the 4th quarter. CIBC Asset Management Inc now owns 9,381 shares of the company’s stock valued at $294,000 after purchasing an additional 502 shares during the period. Christensen King & Associates Investment Services Inc. raised its position in shares of GameStop by 1.9% during the 4th quarter. Christensen King & Associates Investment Services Inc. now owns 27,397 shares of the company’s stock valued at $853,000 after purchasing an additional 518 shares during the period. Nomura Asset Management Co. Ltd. raised its position in shares of GameStop by 32.3% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 2,130 shares of the company’s stock valued at $67,000 after purchasing an additional 520 shares during the period. Crossmark Global Holdings Inc. increased its holdings in GameStop by 2.9% in the 4th quarter. Crossmark Global Holdings Inc. now owns 18,338 shares of the company’s stock valued at $575,000 after acquiring an additional 523 shares during the last quarter. Finally, Securian Asset Management Inc. increased its holdings in GameStop by 1.8% in the 4th quarter. Securian Asset Management Inc. now owns 30,717 shares of the company’s stock valued at $963,000 after acquiring an additional 557 shares during the last quarter. 29.21% of the stock is currently owned by institutional investors.

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.