GameStop Corp. to Post Q3 2024 Earnings of ($0.14) Per Share, Wedbush Forecasts (NYSE:GME)

GameStop Corp. (NYSE:GME) – Stock analysts at Wedbush lifted their Q3 2024 earnings per share estimates for shares of GameStop in a research note issued on Thursday, September 7th. Wedbush analyst M. Pachter now forecasts that the company will post earnings of ($0.14) per share for the quarter, up from their previous estimate of ($0.23). Wedbush has a “Underperform” rating and a $6.00 price objective on the stock. The consensus estimate for GameStop’s current full-year earnings is ($0.34) per share. Wedbush also issued estimates for GameStop’s Q4 2024 earnings at $0.22 EPS, FY2024 earnings at ($0.09) EPS, Q1 2025 earnings at ($0.11) EPS, Q2 2025 earnings at ($0.17) EPS, Q3 2025 earnings at ($0.16) EPS and FY2025 earnings at ($0.25) EPS.

Separately, StockNews.com initiated coverage on shares of GameStop in a report on Thursday, August 17th. They set a “sell” rating for the company.

GameStop Stock Down 6.2 %

GME opened at $17.71 on Monday. The stock has a market cap of $5.41 billion, a PE ratio of -53.67 and a beta of -0.26. The company has a quick ratio of 1.13, a current ratio of 1.87 and a debt-to-equity ratio of 0.02. GameStop has a 52 week low of $15.41 and a 52 week high of $34.99. The business’s fifty day simple moving average is $20.74 and its 200 day simple moving average is $21.30.

GameStop (NYSE:GME) last issued its quarterly earnings data on Wednesday, September 6th. The company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.11. The firm had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.14 billion. GameStop had a negative return on equity of 7.50% and a negative net margin of 1.72%. The company’s revenue for the quarter was up 2.4% on a year-over-year basis. During the same period in the previous year, the company posted ($0.35) EPS.

Hedge Funds Weigh In On GameStop

Hedge funds have recently added to or reduced their stakes in the company. Covestor Ltd boosted its stake in GameStop by 323.2% in the first quarter. Covestor Ltd now owns 237 shares of the company’s stock valued at $39,000 after acquiring an additional 181 shares in the last quarter. Canada Pension Plan Investment Board purchased a new position in shares of GameStop in the first quarter worth $50,000. Comerica Bank purchased a new position in shares of GameStop in the second quarter worth $150,000. Fifth Third Bancorp raised its holdings in shares of GameStop by 366.7% during the second quarter. Fifth Third Bancorp now owns 1,036 shares of the company’s stock worth $25,000 after purchasing an additional 814 shares during the last quarter. Finally, Captrust Financial Advisors raised its holdings in shares of GameStop by 457.1% during the first quarter. Captrust Financial Advisors now owns 1,053 shares of the company’s stock worth $175,000 after purchasing an additional 864 shares during the last quarter. 39.46% of the stock is currently owned by institutional investors.

Insider Activity at GameStop

In related news, CFO Diana Saadeh-Jajeh sold 10,484 shares of GameStop stock in a transaction on Thursday, July 6th. The shares were sold at an average price of $23.27, for a total transaction of $243,962.68. Following the transaction, the chief financial officer now owns 93,438 shares in the company, valued at approximately $2,174,302.26. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CFO Diana Saadeh-Jajeh sold 10,484 shares of the business’s stock in a transaction dated Thursday, July 6th. The shares were sold at an average price of $23.27, for a total value of $243,962.68. Following the sale, the chief financial officer now directly owns 93,438 shares in the company, valued at approximately $2,174,302.26. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Nir Vinay Patel sold 20,149 shares of the business’s stock in a transaction dated Thursday, July 6th. The stock was sold at an average price of $23.27, for a total transaction of $468,867.23. Following the completion of the sale, the chief operating officer now owns 1,106,619 shares in the company, valued at $25,751,024.13. The disclosure for this sale can be found here. Insiders sold 132,990 shares of company stock valued at $3,010,604 over the last 90 days. Corporate insiders own 12.64% of the company’s stock.

About GameStop

GameStop Corp., a specialty retailer, provides games and entertainment products through its stores and ecommerce platforms in the United States, Canada, Australia, and Europe. The company sells new and pre-owned gaming platforms; accessories, such as controllers, gaming headsets, and virtual reality products; new and pre-owned gaming software; and in-game digital currency, digital downloadable content, and full-game downloads.