Stock traders buy large volume of call options on GameStop (NYSE: GME)


GameStop Corp. (NYSE:GME – Get Rating) saw unusually large options trading on Friday. Equity investors acquired 238,593 call options on the stock. This represents a 94% increase from the average daily volume of 123,035 call options.

Institutional entries and exits

Hedge funds and other institutional investors have recently been buying and selling stocks. Xponance Inc. increased its position in GameStop shares by 0.6% during the 1st quarter. Xponance Inc. now owns 13,459 shares of the company worth $2,242,000 after buying 76 additional shares in the last quarter. Sittner & Nelson LLC increased its holdings of GameStop stock by 69.6% in Q4. Sittner & Nelson LLC now owns 229 shares of the company valued at $34,000 after acquiring 94 additional shares in the last quarter. Gables Capital Management Inc. increased its position in GameStop shares by 50.0% during the 1st quarter. Gables Capital Management Inc. now owns 300 shares of the company worth $50,000 after acquiring 100 more shares in the last quarter. Cambridge Investment Research Advisors Inc. increased its stake in GameStop by 6.1% during the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 1,856 shares of the company worth $275,000 after buying 106 more shares in the last quarter. Finally, Cornerstone Wealth Management LLC increased its stake in GameStop by 5.1% in the fourth quarter. Cornerstone Wealth Management LLC now owns 3,121 shares of the company valued at $461,000 after purchasing an additional 152 shares last quarter. 38.25% of the shares are currently held by hedge funds and other institutional investors.

Analyst upgrades and downgrades

Separately, Wedbush reduced its price target on GameStop from $30.00 to $7.50 and set an “underperforming” rating for the company in a Friday, July 22 research report.

GameStop Stock up to 4.3%

NYSE GME shares opened at $40.02 on Friday. GameStop has a 52 week minimum of $19.40 and a 52 week maximum of $63.92. The company’s 50-day moving average is $36.08 and its two-hundred-day moving average is $32.09. The company has a market capitalization of $12.19 billion, a price-earnings ratio of -25.57 and a beta of -0.85. The company has a quick ratio of 1.25, a current ratio of 2.07 and a leverage ratio of 0.02.

GameStop (NYSE:GME – Get Rating) last announced its results on Wednesday, June 1. The company reported ($0.52) EPS for the quarter, missing analyst consensus estimates of ($0.34) by ($0.18). The company posted revenue of $1.38 billion for the quarter, versus $1.32 billion for analysts. GameStop had a negative net margin of 7.73% and a negative return on equity of 27.61%. The company’s revenues increased by 8.0% compared to the same quarter last year. In the same quarter last year, the company made ($0.11) earnings per share. Research analysts predict that GameStop will show -1.5 EPS for the current year.

GameStop Company Profile

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GameStop Corp., a specialty retailer, offers games and entertainment products through its e-commerce properties and various stores in the United States, Canada, Australia and Europe. The company sells new and used gaming rigs; accessories, such as controllers, gaming headsets, virtual reality products and memory cards; new and used game software; and in-game digital currency, downloadable digital content, and full game downloads.

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