GameStop Corp. (NYSE:GME – Get Rating) – Equities researchers at Wedbush boosted their Q3 2023 earnings per share estimates for shares of GameStop in a research note issued to investors on Thursday, September 8th. Wedbush analyst M. Pachter now expects that the company will post earnings of ($0.35) per share for the quarter, up from their previous estimate of ($0.50). Wedbush has a “Underperform” rating and a $7.50 price objective on the stock. The consensus estimate for GameStop’s current full-year earnings is ($1.45) per share. Wedbush also issued estimates for GameStop’s Q4 2023 earnings at ($0.28) EPS, FY2023 earnings at ($1.50) EPS, Q1 2024 earnings at ($0.35) EPS, Q2 2024 earnings at ($0.35) EPS, Q3 2024 earnings at ($0.35) EPS, Q4 2024 earnings at ($0.20) EPS and FY2024 earnings at ($1.25) EPS.
Separately, StockNews.com raised GameStop to a “sell” rating in a research report on Friday.
GameStop Stock Performance
GameStop (NYSE:GME – Get Rating) last posted its quarterly earnings data on Wednesday, September 7th. The company reported ($0.35) earnings per share for the quarter, beating the consensus estimate of ($0.38) by $0.03. The business had revenue of $1.14 billion for the quarter, compared to analysts’ expectations of $1.27 billion. GameStop had a negative return on equity of 33.28% and a negative net margin of 8.57%. The business’s revenue was down 4.0% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.19) EPS.
Hedge Funds Weigh In On GameStop
A number of hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in GameStop by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 5,958,493 shares of the company’s stock worth $992,566,000 after acquiring an additional 26,656 shares during the last quarter. BlackRock Inc. raised its stake in GameStop by 0.5% during the 1st quarter. BlackRock Inc. now owns 5,219,873 shares of the company’s stock valued at $869,526,000 after buying an additional 25,355 shares during the last quarter. State Street Corp raised its stake in GameStop by 1.0% during the 2nd quarter. State Street Corp now owns 1,700,291 shares of the company’s stock valued at $207,946,000 after buying an additional 16,028 shares during the last quarter. Geode Capital Management LLC raised its stake in GameStop by 2.8% during the 4th quarter. Geode Capital Management LLC now owns 773,880 shares of the company’s stock valued at $114,839,000 after buying an additional 20,895 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of GameStop by 24.2% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 427,588 shares of the company’s stock worth $71,228,000 after purchasing an additional 83,218 shares in the last quarter. 9.57% of the stock is currently owned by hedge funds and other institutional investors.
GameStop Corp., a specialty retailer, provides games and entertainment products through its e-commerce properties and various stores in the United States, Canada, Australia, and Europe. The company sells new and pre-owned gaming platforms; accessories, such as controllers, gaming headsets, virtual reality products, and memory cards; new and pre-owned gaming software; and in-game digital currency, digital downloadable content, and full-game downloads.
- Get a free copy of the StockNews.com research report on GameStop (GME)
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