Corsair Gaming (NASDAQ:CRSR) Hits New 1-Year Low – Here’s Why

Corsair Gaming, Inc. (NASDAQ:CRSR)’s share price reached a new 52-week low on Tuesday . The stock traded as low as $5.28 and last traded at $5.29, with a volume of 711950 shares. The stock had previously closed at $5.30.

Wall Street Analyst Weigh In

A number of research firms recently commented on CRSR. Macquarie decreased their price objective on Corsair Gaming from $12.00 to $10.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 5th. Wedbush cut their target price on shares of Corsair Gaming from $13.00 to $9.00 and set an “outperform” rating for the company in a research note on Wednesday, November 5th. B. Riley decreased their price target on shares of Corsair Gaming from $9.00 to $7.50 and set a “neutral” rating on the stock in a research note on Monday, December 22nd. Barclays lowered their price target on shares of Corsair Gaming from $12.00 to $9.00 and set an “overweight” rating for the company in a report on Thursday, November 6th. Finally, Craig Hallum set a $10.00 price objective on shares of Corsair Gaming in a research note on Wednesday, November 5th. Four research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $9.07.

Corsair Gaming Stock Performance

The stock’s 50 day moving average price is $6.01 and its 200 day moving average price is $7.54. The company has a current ratio of 1.48, a quick ratio of 0.72 and a debt-to-equity ratio of 0.19. The company has a market cap of $548.84 million, a price-to-earnings ratio of -15.15 and a beta of 1.53.

Corsair Gaming (NASDAQ:CRSR) last released its earnings results on Tuesday, November 4th. The company reported $0.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.02). The company had revenue of $345.76 million during the quarter, compared to analysts’ expectations of $354.04 million. Corsair Gaming had a negative net margin of 2.46% and a positive return on equity of 3.37%. Corsair Gaming’s revenue for the quarter was up 13.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.29) earnings per share. On average, analysts expect that Corsair Gaming, Inc. will post 0.22 EPS for the current fiscal year.

Insider Buying and Selling at Corsair Gaming

In other news, CEO Thi L. La purchased 50,000 shares of the stock in a transaction on Tuesday, November 25th. The stock was purchased at an average price of $6.10 per share, with a total value of $305,000.00. Following the completion of the transaction, the chief executive officer owned 480,726 shares in the company, valued at approximately $2,932,428.60. The trade was a 11.61% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Samuel R. Szteinbaum purchased 100,000 shares of the company’s stock in a transaction on Friday, November 7th. The shares were purchased at an average price of $6.59 per share, with a total value of $659,000.00. Following the completion of the purchase, the director directly owned 420,267 shares of the company’s stock, valued at $2,769,559.53. The trade was a 31.22% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Company insiders own 58.38% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in Corsair Gaming by 4.0% during the third quarter. Vanguard Group Inc. now owns 6,916,703 shares of the company’s stock worth $61,697,000 after buying an additional 269,193 shares during the period. Massachusetts Financial Services Co. MA lifted its holdings in shares of Corsair Gaming by 15.2% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 3,042,943 shares of the company’s stock valued at $18,075,000 after acquiring an additional 401,171 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Corsair Gaming by 3.7% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,784,310 shares of the company’s stock valued at $24,833,000 after acquiring an additional 98,588 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Corsair Gaming by 5.2% during the second quarter. Geode Capital Management LLC now owns 1,231,456 shares of the company’s stock worth $11,614,000 after purchasing an additional 61,075 shares in the last quarter. Finally, New York State Common Retirement Fund boosted its stake in shares of Corsair Gaming by 0.4% in the second quarter. New York State Common Retirement Fund now owns 737,393 shares of the company’s stock valued at $6,954,000 after purchasing an additional 2,969 shares during the period. Hedge funds and other institutional investors own 25.66% of the company’s stock.

About Corsair Gaming

Corsair Gaming, Inc, headquartered in Fremont, California, is a leading manufacturer of high-performance gaming peripherals and PC components. Since its founding in 1994 by Andy Paul, Don Lieberman and John Beekley as Corsair Microsystems, the company has evolved from producing memory modules to a broad portfolio of gaming hardware. Its product range includes gaming keyboards, mice, headsets, PC chassis, power supplies, cooling solutions, memory modules, solid-state drives and streaming accessories under brands such as Corsair, Elgato and SCUF Gaming.

The company’s solutions cater to PC enthusiasts, competitive gamers and content creators, offering hardware and integrated software designed to optimize performance and user experience.