TLDR:
- Algert Global LLC purchased 40,626 shares of GameStop (GME) in Q2 2024
- Several institutional investors have recently adjusted their GME holdings
- GameStop insiders have made some stock purchases and sales
- Analysts have mixed views on GME stock, with price targets ranging from $10-$11
- GME stock is trading around $21, down from its 52-week high of $64.83
GameStop (NYSE:GME), the video game retailer that became a meme stock sensation, continues to draw interest from institutional investors while receiving mixed reviews from analysts.
Recent SEC filings and market data provide insights into the current state of GameStop’s stock.
In the second quarter of 2024, Algert Global LLC purchased 40,626 shares of GameStop, valued at approximately $1 million.
This new position highlights ongoing institutional interest in the company. Other investment firms have also adjusted their GameStop holdings recently. Renaissance Technologies LLC increased its stake by 34%, now owning over 1.3 million shares worth about $33 million. Meanwhile, Van ECK Associates Corp boosted its position by 14.2%, holding nearly 1.7 million shares valued around $41.7 million.
Insider trading activity has been noteworthy as well. Director Lawrence Cheng acquired 4,140 shares at $24.85 per share in early July, increasing his total ownership to 69,228 shares.
Conversely, insider Daniel William Moore sold 1,972 shares at $21.96 per share in early October, retaining ownership of 37,280 shares. These transactions provide a glimpse into how company insiders view GameStop’s stock value.
Wall Street analysts remain divided on GameStop’s prospects. Wedbush recently lowered its price target from $11 to $10 per share, maintaining an “underperform” rating. StockNews.com also issued a “sell” rating for the stock. These cautious outlooks contrast with the stock’s current trading price, which closed at $21.40 on October 5, 2024.

GameStop’s stock performance has been volatile over the past year. The company hit a 52-week high of $64.83 and a low of $9.95. As of the most recent closing price, GameStop has a market capitalization of approximately $7.52 billion. The stock is trading well above its 52-week low but has retreated significantly from its peak.
In its latest earnings report, GameStop surprised analysts by posting a profit of $0.01 per share for the quarter, exceeding expectations of a $0.08 loss. However, revenue fell short of projections, coming in at $798.30 million compared to estimates of $895.67 million. The company’s sales declined 31.4% year-over-year, reflecting ongoing challenges in the retail gaming sector.
Despite these headwinds, GameStop maintains a strong balance sheet with relatively low debt. The company reported a debt-to-equity ratio of 0.12, with long-term debt-to-equity at 0.08. This financial position provides GameStop with some flexibility as it navigates a rapidly changing gaming industry.
Looking ahead, analysts expect GameStop to report a small loss for the full fiscal year, with consensus estimates projecting earnings per share of -$0.01.
The company faces ongoing pressure to adapt its business model in response to the growing prevalence of digital game downloads and streaming services.
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