GameStop Corp. Downgraded by Bank of America to "Hold" (GME)

Video game hardware, software and accessories sales accounted for 85% of GameStop's Q3 revenue.

"Hardware (sales) were slow as people waited for the new bundles and games to come out", Chief Operating Officer Tony Bartel told Reuters, adding that a couple of titles underperformed late in the quarter. Following the sale, the executive vice president now directly owns 94,312 shares in the company, valued at $4,244,040.

Grapevine-based GameStop posted a profit of $57 million, or 54 cents a share, vs. a profit of $64.3 million, or 57 cents a share a year ago.

Pre-owned and Value Video Game Products category's sales of $502.2 million were up a mere 0.6% primarily due to increase in sales of PlayStation 4 and Xbox One pre-owned. Also, VP Robert Alan Lloyd sold 46,696 shares of GameStop Corp. stock in a transaction that occurred on Monday, September 21st. GameStop Corp. The firm has a market capitalization of $3.79 billion and a price-to-earnings ratio of 9.83. (NYSE:GME), 5 rate it "Buy", 0 "Sell", while 3 "Hold".

Despite the poor quarter, however, the company maintained its forcast for full-year adjusted earnings per share of $3.66 to $3.86, with sales growth at stores open at least a year of 2 percent to 6 percent.

During the quarter, GameStop bought back $44.9 million worth of shares and remains on track to buy back $200 million worth of stock in fiscal 2015.

The video game retailer reported earnings of 54 cents per share on $2.02 billion for the quarter ended October 31. Piper Jaffray reiterated an overweight rating and issued a $56.00 target price (up from $52.00) on shares of GameStop Corp.in a report on Tuesday, August 11th. GameStop reported actual earnings last quarter of. Pacific Crest downgraded the stock on November 13 to "Sector Weight" rating. Get a free copy of the Zacks research report on GameStop Corp.

GameStop Corp.is a multichannel video game, consumer electronics and wireless services retailer. It operates in four segments: United States, Canada, Australia and Europe.

Consolidated comparable-store sales (comps) declined 1.1% and domestic comps decreased 1.7%, whereas global comps increased 0.3%. Its Video Game Brands stores sell various types of digital products, including downloadable content, network points cards and prepaid digital, among others.

The tech brands segment, powered by the Cricket, Simply Mac, and Spring Mobile stores, logged a 32% sales improvement.