Corsair Gaming (NASDAQ:CRSR) Downgraded by Wall Street Zen to Hold

Wall Street Zen downgraded shares of Corsair Gaming (NASDAQ:CRSR) from a buy rating to a hold rating in a research note issued to investors on Thursday.

A number of other research firms have also commented on CRSR. Wedbush reaffirmed an “outperform” rating and set a $13.00 price objective on shares of Corsair Gaming in a research note on Monday, May 5th. The Goldman Sachs Group decreased their price objective on Corsair Gaming from $11.00 to $8.00 and set a “neutral” rating on the stock in a research note on Thursday, May 8th. Robert W. Baird set a $10.00 price objective on Corsair Gaming in a research note on Wednesday, May 7th. Finally, Barclays decreased their price objective on Corsair Gaming from $12.00 to $10.00 and set an “overweight” rating on the stock in a research note on Thursday, May 8th. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, Corsair Gaming currently has a consensus rating of “Moderate Buy” and an average price target of $10.00.

Corsair Gaming Stock Up 0.2%

Corsair Gaming stock opened at $8.32 on Thursday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.92 and a current ratio of 1.57. The firm has a market capitalization of $880.43 million, a price-to-earnings ratio of -8.76 and a beta of 1.70. Corsair Gaming has a fifty-two week low of $5.60 and a fifty-two week high of $13.02. The stock’s fifty day moving average is $7.75 and its two-hundred day moving average is $8.32.

Corsair Gaming (NASDAQ:CRSR) last posted its earnings results on Tuesday, May 6th. The company reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.02). The firm had revenue of $369.75 million during the quarter, compared to analyst estimates of $366.20 million. Corsair Gaming had a negative net margin of 7.53% and a negative return on equity of 4.62%. The firm’s revenue for the quarter was up 9.6% on a year-over-year basis. During the same period last year, the company posted $0.09 EPS. Analysts predict that Corsair Gaming will post 0.22 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Michael G. Potter sold 4,124 shares of the stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $10.08, for a total transaction of $41,569.92. Following the transaction, the chief financial officer now directly owns 125,650 shares in the company, valued at approximately $1,266,552. This represents a 3.18% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 58.89% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Corsair Gaming

Several large investors have recently added to or reduced their stakes in CRSR. JPMorgan Chase & Co. lifted its position in Corsair Gaming by 7.5% during the third quarter. JPMorgan Chase & Co. now owns 39,429 shares of the company’s stock worth $274,000 after buying an additional 2,756 shares during the period. Vontobel Holding Ltd. lifted its position in Corsair Gaming by 133.0% during the fourth quarter. Vontobel Holding Ltd. now owns 70,109 shares of the company’s stock worth $463,000 after buying an additional 40,015 shares during the period. Principal Financial Group Inc. lifted its position in Corsair Gaming by 3.5% during the fourth quarter. Principal Financial Group Inc. now owns 218,742 shares of the company’s stock worth $1,446,000 after buying an additional 7,351 shares during the period. New York State Common Retirement Fund lifted its position in Corsair Gaming by 40.4% during the fourth quarter. New York State Common Retirement Fund now owns 738,922 shares of the company’s stock worth $4,884,000 after buying an additional 212,792 shares during the period. Finally, Proficio Capital Partners LLC purchased a new position in shares of Corsair Gaming in the 4th quarter worth about $90,000. 25.66% of the stock is currently owned by hedge funds and other institutional investors.

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.