GameStop Upgraded to Hold by StockNews.com

GameStop (NYSE:GME) experienced a shift in its stock rating on Thursday when analysts at StockNews.com upgraded the stock from a "sell" rating to a "hold" rating.

Current Stock Performance

On the same day of the upgrade, GameStop's stock price fell by $6.47, settling at $21.89 per share. The trading volume was exceptionally high with 96,110,016 shares changing hands, in contrast to its average volume of 19,853,982 shares. Over the past year, GameStop's stock has had a low point of $9.95 and a high point of $64.83. Its 50-day moving average stands at $25.48, while its 200-day moving average is at $25.66. The company's current market capitalization is approximately $9.78 billion, with a price-to-earnings (PE) ratio of 121.64.

Recent Earnings Report

GameStop recently announced its quarterly earnings on March 25th, reporting earnings per share (EPS) of $0.30. This was higher than the consensus estimate of $0.09 by $0.21. However, the company's total revenue for the quarter was $1.28 billion, falling short of the anticipated $1.48 billion. Year-on-year, this revenue represents a decline of 28.5%. Analysts forecast that GameStop will report earnings of $0.08 per share for the current year.

Analyst Ratings and Insiders' Activity

In a separate report, Wedbush maintained an "underperform" rating for GameStop, setting a price target of $10.00. Additionally, insider activity has been noted with Daniel William Moore selling 895 shares at an average price of $31.07, and Mark Haymond Robinson selling 1,577 shares at the same price. These transactions indicate a decrease in their respective holdings.

Institutional Holdings

Recently, institutional investors have modified their holdings of GameStop. For instance, Mitsubishi UFJ Asset Management Co. Ltd. increased its stake by 223.5% during the fourth quarter, now owning 990 shares valued at about $31,000. Various hedge funds have taken new positions in GameStop, highlighting a growing interest among institutional investors.

Company Overview

GameStop Corp. is a specialty retailer primarily engaged in the sales of games and entertainment products across multiple regions including the United States, Canada, Australia, and Europe. The company offers both new and pre-owned gaming systems, accessories, software, and digital content.

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