Corsair Gaming (NASDAQ:CRSR) Receives Outperform Rating from Wedbush

Corsair Gaming (NASDAQ:CRSR)‘s stock had its “outperform” rating restated by research analysts at Wedbush in a research report issued on Tuesday,Benzinga reports. They currently have a $7.00 price target on the stock. Wedbush’s target price suggests a potential upside of 11.91% from the stock’s current price.

Several other brokerages have also recently issued reports on CRSR. Barclays reduced their price objective on Corsair Gaming from $9.00 to $8.00 and set an “overweight” rating on the stock in a research note on Friday. Craig Hallum restated a “buy” rating and set a $8.00 price target on shares of Corsair Gaming in a report on Friday. Weiss Ratings reiterated a “sell (e+)” rating on shares of Corsair Gaming in a research note on Monday, December 29th. Wall Street Zen raised Corsair Gaming from a “hold” rating to a “buy” rating in a research report on Saturday, February 7th. Finally, Zacks Research raised shares of Corsair Gaming from a “hold” rating to a “strong-buy” rating in a report on Thursday, February 12th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $7.71.

Corsair Gaming Trading Down 7.9%

CRSR stock traded down $0.54 during trading on Tuesday, reaching $6.26. 1,066,123 shares of the stock were exchanged, compared to its average volume of 2,790,415. The company has a current ratio of 1.54, a quick ratio of 0.84 and a debt-to-equity ratio of 0.18. The firm has a market capitalization of $666.60 million, a price-to-earnings ratio of -48.65 and a beta of 1.55. The business has a 50 day moving average price of $5.75 and a 200-day moving average price of $7.16. Corsair Gaming has a 1 year low of $4.48 and a 1 year high of $13.02.

Corsair Gaming (NASDAQ:CRSR) last announced its quarterly earnings results on Thursday, February 12th. The company reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.26 by $0.17. Corsair Gaming had a negative net margin of 0.87% and a positive return on equity of 6.71%. The business had revenue of $436.86 million during the quarter, compared to the consensus estimate of $422.66 million. During the same quarter last year, the firm earned $0.23 EPS. The business’s revenue was up 5.6% compared to the same quarter last year. On average, research analysts predict that Corsair Gaming will post 0.22 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Thi L. La purchased 50,000 shares of the firm’s stock in a transaction on Tuesday, November 25th. The shares were bought at an average cost of $6.10 per share, with a total value of $305,000.00. Following the purchase, the chief executive officer directly owned 480,726 shares of the company’s stock, valued at approximately $2,932,428.60. This trade represents a 11.61% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 58.38% of the company’s stock.

Institutional Trading of Corsair Gaming

A number of hedge funds have recently bought and sold shares of CRSR. Los Angeles Capital Management LLC purchased a new position in Corsair Gaming during the second quarter worth about $560,000. Dynamic Technology Lab Private Ltd purchased a new stake in Corsair Gaming in the second quarter valued at approximately $460,000. Versor Investments LP increased its position in Corsair Gaming by 105.5% during the second quarter. Versor Investments LP now owns 79,100 shares of the company’s stock worth $746,000 after purchasing an additional 40,600 shares during the last quarter. AE Wealth Management LLC purchased a new position in Corsair Gaming during the second quarter worth approximately $98,000. Finally, Teacher Retirement System of Texas acquired a new position in shares of Corsair Gaming in the 2nd quarter valued at $509,000. Institutional investors and hedge funds 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.