Wedbush Reiterates Outperform Rating for Corsair Gaming (NASDAQ:CRSR)

Corsair Gaming (NASDAQ:CRSR)‘s stock had its “outperform” rating reiterated by stock analysts at Wedbush in a research note issued to investors on Monday,RTT News reports. They presently have a $13.00 price target on the stock. Wedbush’s target price points to a potential upside of 88.95% from the stock’s previous close.

A number of other analysts have also issued reports on CRSR. Barclays boosted their target price on Corsair Gaming from $9.00 to $12.00 and gave the company an “overweight” rating in a research report on Thursday, February 13th. Robert W. Baird boosted their price objective on Corsair Gaming from $8.00 to $11.00 and gave the company a “neutral” rating in a report on Thursday, February 13th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $10.29.

Corsair Gaming Price Performance

NASDAQ:CRSR opened at $6.88 on Monday. The company has a market capitalization of $728.03 million, a P/E ratio of -7.24 and a beta of 1.70. The company has a quick ratio of 0.92, a current ratio of 1.57 and a debt-to-equity ratio of 0.27. Corsair Gaming has a 52 week low of $5.60 and a 52 week high of $13.02. The stock’s fifty day moving average is $8.39 and its two-hundred day moving average is $8.19.

Corsair Gaming (NASDAQ:CRSR) last issued its quarterly earnings data on Tuesday, May 6th. The company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.02). The company had revenue of $369.75 million during the quarter, compared to analysts’ expectations of $366.20 million. Corsair Gaming had a negative net margin of 7.53% and a negative return on equity of 4.62%. The firm’s quarterly revenue was up 9.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.09 earnings per share. Equities analysts expect that Corsair Gaming will post 0.22 EPS for the current year.

Insider Transactions at Corsair Gaming

In related news, CFO Michael G. Potter sold 4,124 shares of the business’s stock in a transaction on Wednesday, March 19th. The stock was sold at an average price of $10.08, for a total transaction of $41,569.92. Following the completion of the transaction, the chief financial officer now directly owns 125,650 shares of the company’s stock, valued at $1,266,552. The trade was a 3.18 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 58.89% of the company’s stock.

Hedge Funds Weigh In On Corsair Gaming

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Alyeska Investment Group L.P. purchased a new stake in shares of Corsair Gaming during the fourth quarter worth approximately $1,503,000. New York State Common Retirement Fund increased its position in shares of Corsair Gaming by 40.4% in the 4th quarter. New York State Common Retirement Fund now owns 738,922 shares of the company’s stock valued at $4,884,000 after purchasing an additional 212,792 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Corsair Gaming by 2.6% in the 4th quarter. Vanguard Group Inc. now owns 5,813,359 shares of the company’s stock valued at $38,426,000 after purchasing an additional 148,674 shares in the last quarter. Bank of Montreal Can purchased a new stake in shares of Corsair Gaming during the 4th quarter worth $912,000. Finally, Invesco Ltd. grew its stake in shares of Corsair Gaming by 28.4% during the fourth quarter. Invesco Ltd. now owns 578,749 shares of the company’s stock worth $3,826,000 after purchasing an additional 127,948 shares in the last quarter. Hedge funds and other institutional investors own 25.66% of the company’s stock.

Corsair Gaming Company Profile

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.