Corsair Gaming (NASDAQ:CRSR) Stock Price Down 15.6% – Here’s What Happened

Corsair Gaming, Inc. (NASDAQ:CRSR)’s share price was down 15.6% on Thursday . The stock traded as low as $7.69 and last traded at $7.56. Approximately 189,353 shares traded hands during trading, a decline of 70% from the average daily volume of 634,413 shares. The stock had previously closed at $8.95.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Robert W. Baird lifted their price objective on shares of Corsair Gaming from $8.00 to $11.00 and gave the stock a “neutral” rating in a report on Thursday, February 13th. Wedbush reiterated an “outperform” rating and set a $12.00 price objective (up from $10.00) on shares of Corsair Gaming in a research report on Wednesday, February 5th. Finally, Barclays boosted their target price on Corsair Gaming from $9.00 to $12.00 and gave the stock an “overweight” rating in a research report on Thursday, February 13th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $10.14.

Corsair Gaming Stock Down 16.6 %

The stock has a market cap of $782.74 million, a P/E ratio of -7.87 and a beta of 1.60. The company has a quick ratio of 0.92, a current ratio of 1.57 and a debt-to-equity ratio of 0.27. The company has a 50-day simple moving average of $10.40 and a two-hundred day simple moving average of $8.22.

Corsair Gaming (NASDAQ:CRSR) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $0.16 earnings per share for the quarter, meeting the consensus estimate of $0.16. Corsair Gaming had a negative net margin of 7.53% and a negative return on equity of 4.62%. On average, equities analysts forecast that Corsair Gaming, Inc. will post 0.22 EPS for the current year.

Insider Activity at Corsair Gaming

In other news, CFO Michael G. Potter sold 4,124 shares of Corsair Gaming stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $10.08, for a total value of $41,569.92. Following the sale, the chief financial officer now directly owns 125,650 shares in the company, valued at approximately $1,266,552. This trade represents a 3.18 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 58.89% of the stock is owned by company insiders.

Hedge Funds Weigh In On Corsair Gaming

A number of hedge funds and other institutional investors have recently made changes to their positions in CRSR. Vanguard Group Inc. increased its position in Corsair Gaming by 2.6% during the 4th quarter. Vanguard Group Inc. now owns 5,813,359 shares of the company’s stock valued at $38,426,000 after purchasing an additional 148,674 shares during the period. State Street Corp lifted its holdings in Corsair Gaming by 0.8% in the third quarter. State Street Corp now owns 1,631,501 shares of the company’s stock worth $11,355,000 after buying an additional 12,373 shares during the period. Geode Capital Management LLC boosted its position in Corsair Gaming by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 1,069,122 shares of the company’s stock valued at $7,069,000 after acquiring an additional 9,344 shares in the last quarter. New York State Common Retirement Fund grew its holdings in shares of Corsair Gaming by 40.4% during the 4th quarter. New York State Common Retirement Fund now owns 738,922 shares of the company’s stock worth $4,884,000 after acquiring an additional 212,792 shares during the period. Finally, Invesco Ltd. lifted its stake in shares of Corsair Gaming by 28.4% in the 4th quarter. Invesco Ltd. now owns 578,749 shares of the company’s stock valued at $3,826,000 after purchasing an additional 127,948 shares during the period. Institutional investors own 25.66% of the company’s stock.

Corsair Gaming Company Profile

Corsair Gaming, Inc, together with its subsidiaries, designs, develops, markets, and sells gaming and streaming peripherals, components and systems in the Americas, Europe, the Middle East, and the Asia Pacific. It offers gamer and creator peripherals, including gaming keyboards, mice, headsets, controllers, and streaming products, such as capture cards, stream decks, microphones and audio interfaces, facecam streaming cameras, studio accessories, gaming furniture, and other related products.