GameStop Corp. (GME) Earns Outperform Rating from Wedbush
GameStop Corp. (NYSE:GME)‘s stock had its “outperform” rating restated by Wedbush in a research report issued on Monday. They currently have a $28.00 target price on the stock. Wedbush’s price objective points to a potential upside of 17.25% from the stock’s previous close.
The analysts wrote, “The Wedbush View: We expect shares to trade at a compressed EPS multiple until GameStop slows the decline in its core video game business.””
Several other research firms have also commented on GME. Vetr upgraded GameStop Corp. from a “sell” rating to a “hold” rating and set a $25.68 price objective for the company in a research note on Thursday, December 29th. Telsey Advisory Group lowered GameStop Corp. from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $28.00 to $27.00 in a research note on Monday, March 13th. Mizuho initiated coverage on GameStop Corp. in a research note on Friday, December 30th. They set a “buy” rating and a $35.00 price objective for the company. Macquarie reiterated a “neutral” rating and set a $23.00 price objective (down from $27.00) on shares of GameStop Corp. in a research note on Thursday, January 12th. Finally, Bank of America Corp reiterated a “buy” rating on shares of GameStop Corp. in a research note on Saturday, March 11th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and ten have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $29.24.
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Shares of GameStop Corp. (NYSE:GME) traded down 3.08% during midday trading on Monday, hitting $23.88. The company had a trading volume of 4,116,218 shares. GameStop Corp. has a 12 month low of $20.10 and a 12 month high of $33.72. The company has a 50-day moving average of $25.04 and a 200-day moving average of $25.23. The company has a market capitalization of $2.43 billion, a PE ratio of 6.35 and a beta of 1.18.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 28th. Investors of record on Tuesday, March 14th will be issued a $0.38 dividend. The ex-dividend date is Friday, March 10th. This is a boost from GameStop Corp.’s previous quarterly dividend of $0.37. This represents a $1.52 dividend on an annualized basis and a yield of 6.37%. GameStop Corp.’s dividend payout ratio is currently 39.47%.
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In related news, Director Stephanie M. Shern sold 4,000 shares of the company’s stock in a transaction that occurred on Friday, January 13th. The stock was sold at an average price of $22.58, for a total value of $90,320.00. Following the transaction, the director now directly owns 10,925 shares in the company, valued at $246,686.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 2.70% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Iridian Asset Management LLC CT boosted its position in GameStop Corp. by 27.6% in the fourth quarter. Iridian Asset Management LLC CT now owns 6,234,619 shares of the company’s stock worth $157,486,000 after buying an additional 1,348,447 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in GameStop Corp. by 6.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,595,765 shares of the company’s stock worth $116,090,000 after buying an additional 293,193 shares in the last quarter. BlackRock Fund Advisors boosted its position in GameStop Corp. by 4.0% in the third quarter. BlackRock Fund Advisors now owns 3,770,573 shares of the company’s stock worth $104,030,000 after buying an additional 144,746 shares in the last quarter. Norges Bank acquired a new position in GameStop Corp. during the fourth quarter worth approximately $27,807,000. Finally, Chartwell Investment Partners LLC boosted its position in GameStop Corp. by 3,534.9% in the third quarter. Chartwell Investment Partners LLC now owns 694,815 shares of the company’s stock worth $19,170,000 after buying an additional 675,700 shares in the last quarter.
About GameStop Corp.
GameStop Corp. is an omnichannel video game retailer. The Company sells video game hardware, physical and digital video game software, video game accessories, as well as mobile and consumer electronics products and other merchandise through its GameStop, EB Games and Micromania stores. The Company operates its business in four Video Game Brands segments: United States, Canada, Australia and Europe, and Technology Brands segment.
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