What’s GameStop Corp. Upside After Today’s Bearish Options Activity?

 What's GameStop Corp. Upside After Today's Bearish Options Activity?

In today’s session GameStop Corp. (GME) recorded an unusually high (645) contracts volume of put trades. Someone, most probably a professional was a very active buyer of the November, 2016 put, expecting serious GME decrease. With 645 contracts traded and 1144 open interest for the Nov, 16 contract, it seems this is a quite bearish bet. The option with symbol: GME161118P00026000 closed last at: $0.66 or 20.5% down. The stock decreased 2.34% or $0.65 during the last trading session, hitting $27.13. About 2.35 million shares traded hands. GameStop Corp. (NYSE:GME) has declined 13.29% since March 2, 2016 and is downtrending. It has underperformed by 22.54% the S&P500.

GameStop Corp. (NYSE:GME) Ratings Coverage

Out of 15 analysts covering GameStop Corp. (NYSE:GME), 10 rate it a “Buy”, 1 “Sell”, while 4 “Hold”. This means 67% are positive. GameStop Corp. has been the topic of 41 analyst reports since August 6, 2015 according to StockzIntelligence Inc. The stock has “Buy” rating given by Robert W. Baird on Wednesday, August 26. The rating was maintained by Pacific Crest with “Overweight” on Saturday, August 29. The stock has “Outperform” rating given by Wedbush on Wednesday, January 13. Benchmark maintained it with “Sell” rating and $24.99 target price in Friday, May 27 report. The firm earned “Overweight” rating on Monday, August 31 by Pacific Crest. Benchmark maintained GameStop Corp. (NYSE:GME) on Tuesday, November 24 with “Sell” rating. The company was maintained on Monday, February 22 by Benchmark. On Tuesday, November 24 the stock rating was downgraded by Bank of America to “Neutral”. The firm has “Buy” rating given on Thursday, August 6 by Zacks. The rating was initiated by Macquarie Research with “Outperform” on Friday, July 1.

Insitutional Activity: The institutional sentiment decreased to 0.64 in Q2 2016. Its down 0.29, from 0.93 in 2016Q1. The ratio is negative, as 108 funds sold all GameStop Corp. shares owned while 120 reduced positions. 39 funds bought stakes while 107 increased positions. They now own 107.16 million shares or 15.47% less from 126.78 million shares in 2016Q1.
Meritage Port Mngmt has 134,860 shares for 0.4% of their US portfolio. Blackrock Advisors Lc holds 57,439 shares or 0% of its portfolio. Deutsche Bank & Trust Ag holds 1.62 million shares or 0.03% of its portfolio. Moreover, Goldman Sachs Grp has 0.01% invested in GameStop Corp. (NYSE:GME) for 1.15 million shares. Moreover, Hussman Strategic Advisors has 0.02% invested in GameStop Corp. (NYSE:GME) for 4,600 shares. Blackrock owns 127,534 shares or 0% of their US portfolio. New York State Common Retirement Fund holds 258,800 shares or 0.01% of its portfolio. First Tru Limited Partnership, a Illinois-based fund reported 863,859 shares. Aperio Group Incorporated Lc holds 0.03% of its portfolio in GameStop Corp. (NYSE:GME) for 123,725 shares. The New York-based Cornerstone Management Ltd has invested 0.06% in GameStop Corp. (NYSE:GME). Fmr Limited Liability Company holds 15.59 million shares or 0.06% of its portfolio. Strategic Mngmt Limited Liability last reported 0.15% of its portfolio in the stock. Louisiana State Employees Retirement has 0.04% invested in the company for 27,600 shares. Sg Americas Llc owns 12,951 shares or 0% of their US portfolio. Department Mb Commercial Bank N A last reported 0.01% of its portfolio in the stock.

GameStop Corp. is an omnichannel video game retailer. The company has a market cap of $2.84 billion. The Firm sells video game hardware, physical and digital video game software, video game accessories, as well as mobile and consumer electronics products and other merchandise through its GameStop, EB Games and Micromania stores. It has a 7.17 P/E ratio. The Firm operates its business in four Video Game Brands divisions: United States, Canada, Australia and Europe, and Technology Brands segment.

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