Corsair Gaming (NASDAQ:CRSR – Get Rating) announced its quarterly earnings results on Thursday. The company reported ($0.20) earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.24), Briefing.com reports. The business had revenue of $283.90 million during the quarter, compared to the consensus estimate of $274.81 million. Corsair Gaming had a negative net margin of 2.43% and a positive return on equity of 4.36%. Corsair Gaming’s revenue was down 40.0% compared to the same quarter last year. During the same period in the previous year, the business posted $0.33 EPS. Corsair Gaming updated its FY 2022 guidance to EPS.
Corsair Gaming Stock Performance
CRSR traded up $0.86 during trading on Friday, hitting $16.34. The company’s stock had a trading volume of 1,551,010 shares, compared to its average volume of 529,138. The company has a quick ratio of 0.85, a current ratio of 1.63 and a debt-to-equity ratio of 0.41. Corsair Gaming has a one year low of $12.23 and a one year high of $30.77. The firm has a market cap of $1.56 billion, a PE ratio of -40.85 and a beta of 1.63. The business’s 50 day simple moving average is $14.28 and its 200-day simple moving average is $17.55.
Wall Street Analyst Weigh In
CRSR has been the subject of a number of analyst reports. DA Davidson cut their price target on Corsair Gaming from $28.00 to $22.00 in a research note on Friday, July 22nd. Stifel Nicolaus cut their price target on Corsair Gaming from $29.00 to $24.00 in a research note on Friday, April 22nd. Finally, Wedbush reiterated an “outperform” rating and set a $22.00 price target on shares of Corsair Gaming in a research note on Friday, May 6th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $26.50.
Insiders Place Their Bets
Institutional Trading of Corsair Gaming
Several institutional investors and hedge funds have recently modified their holdings of CRSR. Bank of New York Mellon Corp grew its stake in shares of Corsair Gaming by 224.2% in the 1st quarter. Bank of New York Mellon Corp now owns 540,458 shares of the company’s stock worth $11,437,000 after buying an additional 373,738 shares in the last quarter. Cetera Advisor Networks LLC lifted its holdings in Corsair Gaming by 62.6% during the 1st quarter. Cetera Advisor Networks LLC now owns 17,496 shares of the company’s stock valued at $370,000 after buying an additional 6,736 shares in the last quarter. Citigroup Inc. lifted its holdings in Corsair Gaming by 103.3% during the 1st quarter. Citigroup Inc. now owns 38,266 shares of the company’s stock valued at $810,000 after buying an additional 19,447 shares in the last quarter. PNC Financial Services Group Inc. lifted its holdings in Corsair Gaming by 429.5% during the 1st quarter. PNC Financial Services Group Inc. now owns 1,509 shares of the company’s stock valued at $32,000 after buying an additional 1,224 shares in the last quarter. Finally, MetLife Investment Management LLC raised its holdings in shares of Corsair Gaming by 55.3% in the 1st quarter. MetLife Investment Management LLC now owns 15,389 shares of the company’s stock valued at $326,000 after purchasing an additional 5,482 shares in the last quarter. 14.77% of the stock is currently owned by institutional investors.
Corsair Gaming Company Profile
Corsair Gaming, Inc, together with its subsidiaries, designs, markets, and distributes gaming and streaming peripherals, components and systems in the Americas, Europe, the Middle East, and the Asia Pacific. The company offers gamer and creator peripherals, including gaming keyboards, mice, headsets, and controllers, as well as capture cards, stream decks, USB microphones, studio accessories, and EpocCam software.
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