Corsair Gaming, Inc. (NASDAQ:CRSR) Sees Significant Increase in Short Interest

Corsair Gaming, Inc. (NASDAQ:CRSR) was the target of a large growth in short interest in June. As of June 30th, there was short interest totalling 2,000,000 shares, a growth of 17.0% from the June 15th total of 1,710,000 shares. Based on an average trading volume of 374,700 shares, the days-to-cover ratio is currently 5.3 days. Approximately 4.5% of the company’s stock are short sold.

Wall Street Analysts Forecast Growth

Separately, Wedbush reiterated an “outperform” rating and issued a $18.00 target price on shares of Corsair Gaming in a research note on Wednesday, May 8th. Three equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Corsair Gaming has an average rating of “Moderate Buy” and an average target price of $15.83.

Corsair Gaming Stock Performance

Shares of CRSR traded down $0.03 during midday trading on Monday, hitting $10.28. 409,828 shares of the company’s stock traded hands, compared to its average volume of 370,488. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.08 and a current ratio of 1.82. Corsair Gaming has a 1 year low of $9.80 and a 1 year high of $18.83. The firm’s fifty day moving average is $11.05 and its 200-day moving average is $12.07.

Corsair Gaming (NASDAQ:CRSR) last released its quarterly earnings results on Tuesday, May 7th. The company reported $0.03 EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.04). The business had revenue of $337.26 million during the quarter, compared to analysts’ expectations of $364.15 million. Corsair Gaming had a negative net margin of 0.58% and a positive return on equity of 4.70%. Research analysts expect that Corsair Gaming will post 0.44 EPS for the current year.

Hedge Funds Weigh In On Corsair Gaming

Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in Corsair Gaming by 2.8% in the 3rd quarter. Vanguard Group Inc. now owns 5,429,071 shares of the company’s stock worth $78,884,000 after acquiring an additional 149,947 shares during the last quarter. SG Americas Securities LLC acquired a new stake in shares of Corsair Gaming during the fourth quarter worth about $177,000. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Corsair Gaming by 2.7% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 93,534 shares of the company’s stock worth $1,319,000 after purchasing an additional 2,464 shares during the period. Louisiana State Employees Retirement System purchased a new stake in Corsair Gaming in the fourth quarter valued at approximately $305,000. Finally, Vontobel Holding Ltd. increased its holdings in Corsair Gaming by 6.6% in the 4th quarter. Vontobel Holding Ltd. now owns 25,897 shares of the company’s stock worth $365,000 after buying an additional 1,612 shares during the period. 25.66% of the stock is owned by hedge funds and other institutional investors.

Corsair Gaming Company Profile

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.