Corsair Gaming (NASDAQ:CRSR) Trading Down 6.1% – Time to Sell?

Corsair Gaming, Inc. (NASDAQ:CRSR) dropped 6.1% during trading on Friday . The company traded as low as $8.44 and last traded at $8.40. Approximately 928,565 shares were traded during trading, a decline of 61% from the average daily volume of 2,363,460 shares. The stock had previously closed at $8.95.

Wall Street Analysts Forecast Growth

CRSR has been the topic of a number of research analyst reports. B. Riley Financial raised their price objective on shares of Corsair Gaming from $6.00 to $7.00 and gave the company a “neutral” rating in a research note on Friday, February 13th. Wedbush raised their price objective on shares of Corsair Gaming from $7.00 to $8.00 and gave the company an “outperform” rating in a research note on Friday, May 8th. Zacks Research lowered shares of Corsair Gaming from a “strong-buy” rating to a “hold” rating in a research note on Friday, March 13th. Craig Hallum restated a “hold” rating and set a $10.00 target price on shares of Corsair Gaming in a report on Monday, June 1st. Finally, Weiss Ratings upgraded shares of Corsair Gaming from a “sell (e+)” rating to a “sell (d)” rating in a report on Monday, May 11th. Three investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $8.33.

Corsair Gaming Stock Down 6.3%

The stock’s fifty day moving average is $7.48 and its two-hundred day moving average is $6.37. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.74 and a quick ratio of 0.95. The stock has a market capitalization of $895.87 million, a P/E ratio of 104.33 and a beta of 1.83.

Corsair Gaming (NASDAQ:CRSR) last posted its quarterly earnings data on Thursday, May 7th. The company reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of $0.18 by $0.09. Corsair Gaming had a net margin of 0.71% and a return on equity of 9.71%. The firm had revenue of $354.51 million during the quarter, compared to analyst estimates of $351.58 million. During the same quarter last year, the business posted $0.11 EPS. The company’s revenue was down 4.1% on a year-over-year basis. As a group, research analysts predict that Corsair Gaming, Inc. will post 0.46 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Corsair Gaming

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake 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. Massachusetts Financial Services Co. MA boosted its stake in shares of Corsair Gaming by 15.2% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 3,042,943 shares of the company’s stock valued at $18,075,000 after buying an additional 401,171 shares during the period. ArrowMark Colorado Holdings LLC boosted its stake in shares of Corsair Gaming by 128.9% during the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 625,000 shares of the company’s stock valued at $5,575,000 after buying an additional 352,000 shares during the period. Nano Cap New Millennium Growth Fund L P acquired a new stake in shares of Corsair Gaming during the 4th quarter valued at $1,158,000. Finally, AXQ Capital LP acquired a new stake in shares of Corsair Gaming during the 4th quarter valued at $323,000. Institutional investors and hedge funds own 25.66% of the company’s stock.

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.