Barclays Has Lowered Expectations for Corsair Gaming (NASDAQ:CRSR) Stock Price

Corsair Gaming (NASDAQ:CRSR) had its price target dropped by analysts at Barclays from $12.00 to $9.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Barclays‘s target price points to a potential upside of 37.40% from the stock’s current price.

Several other brokerages have also issued reports on CRSR. Wedbush reduced their target price on Corsair Gaming from $13.00 to $9.00 and set an “outperform” rating on the stock in a research report on Wednesday. Craig Hallum set a $10.00 price objective on shares of Corsair Gaming in a report on Wednesday. Macquarie cut their target price on Corsair Gaming from $12.00 to $10.00 and set an “outperform” rating on the stock in a research report on Wednesday. B. Riley reduced their target price on Corsair Gaming from $10.00 to $9.00 and set a “neutral” rating for the company in a research note on Wednesday. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Corsair Gaming in a report on Wednesday, October 8th. Four equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $9.29.

Corsair Gaming Stock Performance

Shares of CRSR stock opened at $6.55 on Thursday. The firm has a market cap of $698.03 million, a price-to-earnings ratio of -19.26 and a beta of 1.84. The company’s 50 day moving average is $8.27 and its 200 day moving average is $8.60. The company has a quick ratio of 0.75, a current ratio of 1.48 and a debt-to-equity ratio of 0.19. Corsair Gaming has a 52-week low of $5.64 and a 52-week high of $13.02.

Corsair Gaming (NASDAQ:CRSR) last posted its earnings results on Thursday, August 7th. The company reported $0.01 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.01. Corsair Gaming had a positive return on equity of 3.37% and a negative net margin of 2.46%.The company had revenue of $320.11 million during the quarter, compared to analyst estimates of $312.38 million. During the same quarter in the prior year, the business earned ($0.07) earnings per share. Corsair Gaming’s revenue was up 22.5% on a year-over-year basis. On average, sell-side analysts anticipate that Corsair Gaming will post 0.22 EPS for the current fiscal year.

Institutional Investors Weigh In On Corsair Gaming

A number of hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its position in shares of Corsair Gaming by 4.0% during the 3rd quarter. Vanguard Group Inc. now owns 6,916,703 shares of the company’s stock valued at $61,697,000 after buying an additional 269,193 shares during the period. Sunriver Management LLC purchased a new position in shares of Corsair Gaming in the first quarter valued at approximately $16,733,000. Geode Capital Management LLC increased 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 acquiring an additional 61,075 shares during the period. Alyeska Investment Group L.P. raised its position in Corsair Gaming by 302.3% in the 1st quarter. Alyeska Investment Group L.P. now owns 914,879 shares of the company’s stock valued at $8,106,000 after purchasing an additional 687,477 shares in the last quarter. Finally, Driehaus Capital Management LLC acquired a new position in Corsair Gaming during the 1st quarter worth approximately $7,772,000. Hedge funds and other institutional investors own 25.66% of the company’s stock.

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.