Short Interest in GameStop Corp. (NYSE:GME) Increases By 11.9%

GameStop Corp. (NYSE:GME) was the recipient of a significant increase in short interest in the month of June. As of June 15th, there was short interest totalling 46,908,900 shares, an increase of 11.9% from the May 15th total of 41,916,200 shares. Approximately 47.0% of the company’s shares are short sold. Based on an average daily trading volume, of 5,430,000 shares, the days-to-cover ratio is presently 8.6 days.

GME has been the topic of several recent analyst reports. Telsey Advisory Group dropped their price target on GameStop from $11.00 to $10.00 and set a “market perform” rating on the stock in a research note on Wednesday, April 3rd. Wedbush set a $9.00 price objective on GameStop and gave the company a “buy” rating in a report on Thursday, July 11th. Benchmark restated a “sell” rating and set a $5.00 price objective (down previously from $9.00) on shares of GameStop in a report on Wednesday, June 5th. Credit Suisse Group decreased their price objective on HollyFrontier from $63.00 to $61.00 and set a “neutral” rating for the company in a report on Wednesday, April 3rd. Finally, ValuEngine upgraded GameStop from a “sell” rating to a “hold” rating in a report on Sunday, June 9th. Four investment analysts have rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $9.10.

GameStop stock traded up $0.12 during trading on Friday, hitting $4.32. 10,909,111 shares of the company were exchanged, compared to its average volume of 6,455,732. The firm has a 50 day simple moving average of $5.50. GameStop has a 52 week low of $4.12 and a 52 week high of $17.27. The company has a market capitalization of $441.81 million, a P/E ratio of 2.02 and a beta of 0.37. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.48 and a quick ratio of 0.59.

GameStop (NYSE:GME) last announced its quarterly earnings results on Tuesday, June 4th. The company reported $0.07 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.02) by $0.09. GameStop had a positive return on equity of 14.55% and a negative net margin of 8.32%. The business had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.64 billion. During the same quarter in the prior year, the company posted $0.38 earnings per share. GameStop’s revenue was down 13.3% compared to the same quarter last year. Equities analysts expect that GameStop will post 1.49 earnings per share for the current fiscal year.

A number of hedge funds have recently bought and sold shares of the business. FMR LLC lifted its position in shares of GameStop by 0.6% during the 1st quarter. FMR LLC now owns 15,295,131 shares of the company’s stock valued at $155,398,000 after buying an additional 93,245 shares during the last quarter. BlackRock Inc. lifted its position in shares of GameStop by 2.3% during the 4th quarter. BlackRock Inc. now owns 15,143,071 shares of the company’s stock valued at $191,107,000 after buying an additional 342,916 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of GameStop by 5.2% during the 4th quarter. Bank of New York Mellon Corp now owns 3,190,184 shares of the company’s stock valued at $40,260,000 after buying an additional 157,322 shares during the last quarter. JPMorgan Chase & Co. lifted its position in shares of GameStop by 627.0% during the 1st quarter. JPMorgan Chase & Co. now owns 2,734,838 shares of the company’s stock valued at $27,786,000 after buying an additional 2,358,639 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of GameStop during the 4th quarter valued at $20,351,000. 98.68% of the stock is currently owned by institutional investors and hedge funds.

About GameStop

GameStop Corp. operates as a multichannel video game and consumer electronics retailer in the United States, Canada, Australia, and Europe. The company sells new and pre-owned video game hardware; video game software; pre-owned and value video games; video game accessories, including controllers, gaming headsets, virtual reality products, memory cards, and other add-ons for use with video game hardware and software; and digital products, such as downloadable content, network points cards, prepaid digital and prepaid subscription cards, and digitally downloadable software, as well as collectible products.

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