Norges Bank Makes New $2.01 Million Investment in GameStop Corp. (NYSE:GME)

Norges Bank acquired a new position in shares of GameStop Corp. (NYSE:GME) in the 4th quarter, Holdings Channel reports. The fund acquired 64,188 shares of the company’s stock, valued at approximately $2,012,000.

Several other large investors have also modified their holdings of GME. FMR LLC boosted its position in shares of GameStop by 7.2% in the 3rd quarter. FMR LLC now owns 41,408 shares of the company’s stock valued at $949,000 after purchasing an additional 2,793 shares during the period. Public Employees Retirement System of Ohio lifted its stake in GameStop by 25.5% in the third quarter. Public Employees Retirement System of Ohio now owns 141,383 shares of the company’s stock valued at $3,242,000 after buying an additional 28,699 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of GameStop by 41.8% in the third quarter. Geode Capital Management LLC now owns 6,278,680 shares of the company’s stock valued at $144,009,000 after acquiring an additional 1,852,088 shares during the period. Virtu Financial LLC purchased a new position in shares of GameStop during the third quarter worth approximately $285,000. Finally, Sanctuary Advisors LLC acquired a new position in shares of GameStop in the 3rd quarter valued at $230,000. Institutional investors and hedge funds own 29.21% of the company’s stock.

GameStop Trading Up 5.3 %

NYSE:GME opened at $26.34 on Friday. The stock’s 50 day simple moving average is $24.51 and its 200-day simple moving average is $25.86. GameStop Corp. has a 12-month low of $9.95 and a 12-month high of $64.83. The firm has a market cap of $11.78 billion, a P/E ratio of 146.35 and a beta of -0.44.

GameStop (NYSE:GME) last announced its quarterly earnings data on Tuesday, March 25th. The company reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.09 by $0.21. GameStop had a net margin of 1.45% and a return on equity of 2.11%. The company had revenue of $1.28 billion for the quarter, compared to analysts’ expectations of $1.48 billion. During the same period in the previous year, the company posted $0.21 EPS. GameStop’s revenue was down 28.5% compared to the same quarter last year. Research analysts forecast that GameStop Corp. will post 0.08 EPS for the current fiscal year.

Insider Buying and Selling

In other GameStop news, insider Daniel William Moore sold 1,608 shares of the business’s stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $22.53, for a total transaction of $36,228.24. Following the sale, the insider now directly owns 29,777 shares in the company, valued at approximately $670,875.81. The trade was a 5.12 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Alain Attal purchased 10,000 shares of the business’s stock in a transaction dated Thursday, April 10th. The stock was bought at an average price of $25.75 per share, with a total value of $257,500.00. Following the acquisition, the director now directly owns 572,464 shares in the company, valued at approximately $14,740,948. This represents a 1.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought 515,000 shares of company stock valued at $11,140,200 over the last ninety days. Corporate insiders own 12.28% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on GME. StockNews.com upgraded shares of GameStop from a “sell” rating to a “hold” rating in a research note on Thursday, March 27th. Wedbush set a $11.50 target price on shares of GameStop in a research note on Wednesday, March 26th.

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.