Corsair Gaming (NASDAQ:CRSR) Shares Down 5.2% – Here’s What Happened

Corsair Gaming, Inc. (NASDAQ:CRSR)’s stock price was down 5.2% on Friday . The stock traded as low as $7.26 and last traded at $7.28. Approximately 234,629 shares were traded during mid-day trading, a decline of 48% from the average daily volume of 454,473 shares. The stock had previously closed at $7.68.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on CRSR. Macquarie dropped their price objective on shares of Corsair Gaming from $11.00 to $9.00 and set an “outperform” rating for the company in a research note on Friday, November 8th. The Goldman Sachs Group dropped their price target on Corsair Gaming from $9.00 to $7.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. TD Cowen cut their price target on Corsair Gaming from $10.00 to $9.00 and set a “hold” rating for the company in a report on Thursday, November 7th. Wedbush reissued an “outperform” rating and set a $11.00 price objective on shares of Corsair Gaming in a research note on Tuesday, November 5th. Finally, Barclays cut their target price on Corsair Gaming from $14.00 to $9.00 and set an “overweight” rating for the company in a research note on Thursday, November 7th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $9.14.

Corsair Gaming Price Performance

The stock has a 50-day simple moving average of $7.01 and a 200 day simple moving average of $7.98. The company has a market cap of $762.22 million, a PE ratio of -8.53 and a beta of 1.62. The company has a quick ratio of 0.77, a current ratio of 1.58 and a debt-to-equity ratio of 0.28.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. GAMMA Investing LLC raised its stake in shares of Corsair Gaming by 995.8% in the 3rd quarter. GAMMA Investing LLC now owns 4,745 shares of the company’s stock valued at $33,000 after acquiring an additional 4,312 shares during the period. FMR LLC increased its holdings in Corsair Gaming by 89.0% in the 3rd quarter. FMR LLC now owns 4,864 shares of the company’s stock valued at $34,000 after purchasing an additional 2,291 shares during the last quarter. Intech Investment Management LLC purchased a new stake in Corsair Gaming in the third quarter valued at approximately $77,000. Glenmede Trust Co. NA purchased a new stake in Corsair Gaming in the third quarter valued at approximately $97,000. Finally, SG Americas Securities LLC acquired a new position in Corsair Gaming during the third quarter worth $101,000. Institutional investors and hedge funds own 25.66% of the company’s stock.

About Corsair Gaming

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.