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

Corsair Gaming (NASDAQ:CRSR) had its target price decreased by research analysts at Wedbush from $9.00 to $7.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Wedbush’s price target would indicate a potential upside of 43.33% from the stock’s current price.

A number of other equities research analysts also recently weighed in on CRSR. B. Riley reduced their target price on Corsair Gaming from $9.00 to $7.50 and set a “neutral” rating on the stock in a report on Monday, December 22nd. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Corsair Gaming in a research note on Monday, December 29th. Macquarie lowered their target price on Corsair Gaming from $12.00 to $10.00 and set an “outperform” rating for the company in a research note on Wednesday, November 5th. Craig Hallum set a $10.00 price target on shares of Corsair Gaming in a research note on Wednesday, November 5th. Finally, Barclays lowered their price objective on shares of Corsair Gaming from $12.00 to $9.00 and set an “overweight” rating for the company in a research report on Thursday, November 6th. Four analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $8.79.

Corsair Gaming Price Performance

CRSR stock traded up $0.14 during midday trading on Friday, reaching $4.88. The company had a trading volume of 52,659 shares, compared to its average volume of 1,074,466. Corsair Gaming has a 1-year low of $4.59 and a 1-year high of $13.02. The stock has a 50 day moving average price of $5.90 and a 200-day moving average price of $7.37. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.48 and a quick ratio of 0.72. The company has a market capitalization of $520.51 million, a price-to-earnings ratio of -14.23 and a beta of 1.55.

Corsair Gaming (NASDAQ:CRSR) last released its earnings results on Tuesday, November 4th. The company reported $0.06 EPS for the quarter, missing the consensus estimate of $0.08 by ($0.02). The firm had revenue of $345.76 million during the quarter, compared to the consensus estimate 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 quarterly revenue was up 13.7% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.29) earnings per share. Equities research analysts expect that Corsair Gaming will post 0.22 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Thi L. La bought 50,000 shares of the stock in a transaction that occurred on Tuesday, November 25th. The stock was acquired at an average cost of $6.10 per share, with a total value of $305,000.00. Following the transaction, the chief executive officer directly owned 480,726 shares in the company, 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 filing with the Securities & Exchange Commission, which is available at the SEC website. 58.38% of the stock is owned by insiders.

Hedge Funds Weigh In On Corsair Gaming

A number of hedge funds have recently made changes to their positions in CRSR. AQR Capital Management LLC boosted its holdings in Corsair Gaming by 428.8% in the first quarter. AQR Capital Management LLC now owns 92,778 shares of the company’s stock valued at $822,000 after acquiring an additional 75,232 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Corsair Gaming by 12.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 95,538 shares of the company’s stock valued at $846,000 after purchasing an additional 10,620 shares during the last quarter. Goldman Sachs Group Inc. increased its position in shares of Corsair Gaming by 83.3% during the first quarter. Goldman Sachs Group Inc. now owns 449,779 shares of the company’s stock worth $3,985,000 after buying an additional 204,351 shares during the period. State of Alaska Department of Revenue raised its stake in Corsair Gaming by 8.6% during the second quarter. State of Alaska Department of Revenue now owns 27,079 shares of the company’s stock worth $254,000 after buying an additional 2,133 shares during the last quarter. Finally, Vontobel Holding Ltd. raised its stake in Corsair Gaming by 3.2% during the second quarter. Vontobel Holding Ltd. now owns 45,322 shares of the company’s stock worth $427,000 after buying an additional 1,390 shares during the last quarter. 25.66% of the stock is currently owned by institutional investors.

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.