Goldman Sachs Boosts Stake in Corsair Gaming by Over 83%
Goldman Sachs Group Inc. has significantly increased its investment in Corsair Gaming, Inc. (NASDAQ: CRSR), boosting its holdings by 83.3% during the first quarter of 2024. This strategic move, disclosed in a recent filing with the Securities and Exchange Commission, brings Goldman Sachs’ total ownership to 449,779 shares, valued at approximately $3,985,000.
Several other institutional investors have also been active in adjusting their positions in Corsair Gaming. For instance, BNP Paribas Financial Markets entered a new position in the fourth quarter, valued at $56,000. Similarly, ProShare Advisors LLC and Wealth Enhancement Advisory Services LLC purchased stakes worth $89,000 and $91,000 respectively. Additionally, CWM LLC increased its stake by an impressive 206.3% in the same quarter, now holding 11,471 shares valued at $102,000. Currently, institutional investors and hedge funds collectively own 25.66% of Corsair Gaming’s stock.
Analysts Provide Positive Outlook
Recent analyses from various research firms have suggested a positive trajectory for Corsair Gaming. Notably, Wall Street Zen upgraded the stock from a “hold” rating to a “buy” rating, while Barclays assigned a “strong-buy” rating on August 8, 2024. Currently, one analyst rates the stock a Strong Buy, two analysts have given it a Buy rating, and three have assigned a Hold rating. The consensus price target stands at $9.83, according to data from MarketBeat.com.
As of Thursday, shares of Corsair Gaming opened at $8.51. The company maintains a quick ratio of 0.75, a current ratio of 1.45, and a debt-to-equity ratio of 0.20. Corsair’s stock performance reflects a 52-week low of $5.64 and a high of $13.02. The company’s market capitalization has reached $902.40 million, with a PE ratio of -10.51.
Quarterly Earnings and Future Projections
Corsair Gaming released its latest quarterly earnings results on August 7, 2024, reporting earnings per share (EPS) of $0.01, aligning with consensus estimates. The company achieved a revenue of $320.11 million, exceeding analysts’ expectations of $312.38 million. This represents a year-over-year revenue increase of 22.5%, a notable improvement from the same quarter last year when the company reported a loss of ($0.07) EPS.
Looking ahead, Corsair Gaming has set its guidance for fiscal year 2025 at an EPS of $0.22. Analysts project a steady growth trajectory for the company, reinforcing confidence in its operational strategy.
Corsair Gaming, Inc., along with its subsidiaries, specializes in designing, developing, and marketing gaming and streaming peripherals, components, and systems across various regions, including the Americas, Europe, the Middle East, and Asia Pacific. The company’s product range includes gaming keyboards, mice, headsets, controllers, and streaming products such as capture cards and microphones.
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