Corsair Gaming (NASDAQ:CRSR) Releases Quarterly Earnings Results, Misses Expectations By $0.12 EPS

Corsair Gaming (NASDAQ:CRSR) announced its earnings results on Thursday. The company reported ($0.07) EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.12), Briefing.com reports. The company had revenue of $261.30 million during the quarter, compared to the consensus estimate of $290.30 million. Corsair Gaming had a positive return on equity of 2.15% and a negative net margin of 2.83%. Corsair Gaming’s revenue for the quarter was down 19.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.03 earnings per share. Corsair Gaming updated its FY 2024 guidance to EPS.

Corsair Gaming Stock Down 18.8 %

NASDAQ:CRSR traded down $1.48 during midday trading on Friday, hitting $6.41. 1,330,409 shares of the company were exchanged, compared to its average volume of 623,110. The company has a fifty day simple moving average of $10.27 and a 200 day simple moving average of $11.54. The company has a current ratio of 1.82, a quick ratio of 1.08 and a debt-to-equity ratio of 0.25. The company has a market capitalization of $666.04 million, a PE ratio of -80.13 and a beta of 1.60. Corsair Gaming has a fifty-two week low of $6.38 and a fifty-two week high of $18.45.

Wall Street Analysts Forecast Growth

CRSR has been the subject of a number of research reports. Barclays dropped their price target on Corsair Gaming from $17.00 to $14.00 and set an “overweight” rating for the company in a research note on Friday. Wedbush reduced their price target on shares of Corsair Gaming from $13.00 to $11.00 and set an “outperform” rating for the company in a report on Friday. Stifel Nicolaus decreased their price target on shares of Corsair Gaming from $16.00 to $11.00 and set a “buy” rating for the company in a research report on Monday, July 22nd. The Goldman Sachs Group reduced their target price on Corsair Gaming from $13.00 to $9.00 and set a “neutral” rating on the stock in a research report on Friday. Finally, Robert W. Baird dropped their target price on Corsair Gaming from $14.00 to $10.00 and set a “neutral” rating on the stock in a research report on Friday, July 19th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $11.83.

About Corsair Gaming

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.