Corsair Gaming (NASDAQ:CRSR) Stock Price Down 7.5% – Should You Sell?

Corsair Gaming, Inc. (NASDAQ:CRSR)’s stock price dropped 7.5% during mid-day trading on Wednesday . The stock traded as low as $10.55 and last traded at $10.66. Approximately 553,975 shares changed hands during trading, a decline of 76% from the average daily volume of 2,333,382 shares. The stock had previously closed at $11.53.

Analysts Set New Price Targets

A number of brokerages recently issued reports on CRSR. Zacks Research lowered Corsair Gaming from a “strong-buy” rating to a “hold” rating in a report on Friday, March 13th. Craig Hallum reiterated a “hold” rating and issued a $10.00 price target on shares of Corsair Gaming in a report on Monday. Wall Street Zen lowered Corsair Gaming from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 9th. Barclays boosted their price target on Corsair Gaming from $8.00 to $9.00 and gave the company an “overweight” rating in a report on Friday, May 8th. Finally, B. Riley Financial boosted their price target on Corsair Gaming from $6.00 to $7.00 and gave the company a “neutral” rating in a report on Friday, February 13th. Three investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $8.33.

Corsair Gaming Stock Down 5.3%

The business’s 50 day moving average is $7.15 and its 200 day moving average is $6.26. The company has a quick ratio of 0.95, a current ratio of 1.74 and a debt-to-equity ratio of 0.18. The company has a market cap of $1.06 billion, a P/E ratio of 124.02 and a beta of 1.83.

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

Institutional Trading of Corsair Gaming

A number of hedge funds have recently bought and sold shares of CRSR. Kemnay Advisory Services Inc. purchased a new stake in Corsair Gaming during the fourth quarter worth $37,000. Tower Research Capital LLC TRC lifted its holdings in Corsair Gaming by 245.9% during the second quarter. Tower Research Capital LLC TRC now owns 5,178 shares of the company’s stock worth $49,000 after buying an additional 3,681 shares during the period. Cetera Investment Advisers purchased a new stake in Corsair Gaming during the first quarter worth $56,000. R Squared Ltd acquired a new position in shares of Corsair Gaming during the first quarter worth $58,000. Finally, Mercer Global Advisors Inc. ADV acquired a new position in shares of Corsair Gaming during the fourth quarter worth $62,000. Hedge funds and other institutional investors 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.