GameStop (NYSE:GME) Stock Price Up 3.5% – Time to Buy?

GameStop Corp. (NYSE:GME)’s stock price traded up 3.5% on Friday . The company traded as high as $24.32 and last traded at $24.33. 1,360,470 shares changed hands during mid-day trading, a decline of 93% from the average session volume of 19,309,492 shares. The stock had previously closed at $23.51.

Wall Street Analyst Weigh In

Separately, Wedbush reaffirmed an “underperform” rating and set a $10.00 price target on shares of GameStop in a research report on Friday, December 6th.

GameStop Stock Up 4.8 %

The firm’s 50 day simple moving average is $25.90 and its 200 day simple moving average is $25.58. The company has a market cap of $11.00 billion, a price-to-earnings ratio of 136.84 and a beta of -0.29.

Insider Activity

In related news, General Counsel Mark Haymond Robinson sold 1,577 shares of the firm’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $31.07, for a total transaction of $48,997.39. Following the completion of the sale, the general counsel now directly owns 42,350 shares in the company, valued at approximately $1,315,814.50. This trade represents a 3.59 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Daniel William Moore sold 895 shares of GameStop stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $31.07, for a total transaction of $27,807.65. Following the transaction, the insider now owns 31,385 shares in the company, valued at approximately $975,131.95. The trade was a 2.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 12.28% of the company’s stock.

Hedge Funds Weigh In On GameStop

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in GameStop by 223.5% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 990 shares of the company’s stock worth $31,000 after purchasing an additional 684 shares in the last quarter. New Wave Wealth Advisors LLC purchased a new position in GameStop during the 4th quarter worth approximately $37,000. R Squared Ltd purchased a new position in GameStop during the 4th quarter worth approximately $51,000. Bessemer Group Inc. grew its position in GameStop by 67.2% during the 4th quarter. Bessemer Group Inc. now owns 1,720 shares of the company’s stock worth $54,000 after purchasing an additional 691 shares in the last quarter. Finally, UMB Bank n.a. boosted its stake in shares of GameStop by 59.9% during the 4th quarter. UMB Bank n.a. now owns 1,820 shares of the company’s stock valued at $57,000 after buying an additional 682 shares during the period. 29.21% of the stock is currently owned by hedge funds and other institutional investors.

GameStop Company Profile

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.