Corsair Gaming (NASDAQ:CRSR) Stock Price Up 11% – Here’s Why

Corsair Gaming, Inc. (NASDAQ:CRSR) rose 11% on Friday . The stock traded as high as $7.65 and last traded at $7.6910. Approximately 369,411 shares were traded during trading, a decline of 80% from the average daily volume of 1,848,098 shares. The stock had previously closed at $6.93.

Wall Street Analysts Forecast Growth

CRSR has been the topic of several recent analyst reports. Robert W. Baird set a $6.00 target price on Corsair Gaming in a research report on Friday, February 13th. Craig Hallum increased their target price on Corsair Gaming from $8.00 to $10.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. Weiss Ratings upgraded Corsair Gaming from a “sell (e+)” rating to a “sell (d)” rating in a research report on Monday, May 11th. B. Riley Financial increased their target price on Corsair Gaming from $6.00 to $7.00 and gave the stock a “neutral” rating in a research report on Friday, February 13th. Finally, Zacks Research downgraded Corsair Gaming from a “strong-buy” rating to a “hold” rating in a research report on Friday, March 13th. Four investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Corsair Gaming has an average rating of “Hold” and a consensus target price of $8.33.

Corsair Gaming Price Performance

The company has a market capitalization of $822.99 million, a price-to-earnings ratio of 96.26 and a beta of 1.59. The company has a quick ratio of 0.95, a current ratio of 1.74 and a debt-to-equity ratio of 0.18. The company has a 50 day simple moving average of $6.26 and a 200 day simple moving average of $6.03.

Corsair Gaming (NASDAQ:CRSR) last announced its quarterly earnings results on Thursday, May 7th. The company reported $0.27 EPS for the quarter, topping the consensus estimate of $0.18 by $0.09. The company had revenue of $354.51 million during the quarter, compared to analyst estimates of $351.58 million. Corsair Gaming had a return on equity of 9.71% and a net margin of 0.71%.The firm’s revenue was down 4.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.11 earnings per share. As a group, research analysts predict that Corsair Gaming, Inc. will post 0.46 EPS for the current year.

Institutional Investors Weigh In On Corsair Gaming

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Corsair Gaming by 4.0% during the third quarter. Vanguard Group Inc. now owns 6,916,703 shares of the company’s stock worth $61,697,000 after acquiring an additional 269,193 shares during the last quarter. ArrowMark Colorado Holdings LLC increased its stake in Corsair Gaming by 128.9% during the third quarter. ArrowMark Colorado Holdings LLC now owns 625,000 shares of the company’s stock worth $5,575,000 after acquiring an additional 352,000 shares during the last quarter. Massachusetts Financial Services Co. MA increased its stake in Corsair Gaming by 15.2% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 3,042,943 shares of the company’s stock worth $18,075,000 after acquiring an additional 401,171 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in Corsair Gaming during the third quarter worth about $1,047,000. Finally, Optimize Financial Inc acquired a new stake in Corsair Gaming during the third quarter worth about $1,396,000. 25.66% of the stock is currently owned by institutional investors and hedge funds.

About Corsair Gaming

Corsair Gaming, Inc, headquartered in Fremont, California, is a leading manufacturer of high-performance gaming peripherals and PC components. Since its founding in 1994 by Andy Paul, Don Lieberman and John Beekley as Corsair Microsystems, the company has evolved from producing memory modules to a broad portfolio of gaming hardware. Its product range includes gaming keyboards, mice, headsets, PC chassis, power supplies, cooling solutions, memory modules, solid-state drives and streaming accessories under brands such as Corsair, Elgato and SCUF Gaming.

The company’s solutions cater to PC enthusiasts, competitive gamers and content creators, offering hardware and integrated software designed to optimize performance and user experience.