Popular among retail investors, GameStop (GME.US) is gaining nearly 10% today and has reached local highs of March 2022. The reason is Ryan Cohen's reported purchase of the company's shares, worth $10 million. The market perceived Cohen's purchase as an 'act of faith' by the former CEO in the long-term success and undervaluation of GME's shares.
- Cohen bought a total of 443,000 shares, paying between $22.24 and $22.90 per share, and already owns nearly 12% of Gamestop's shares. The purchase came just days after the company reported disappointing quarterly results, revealing a loss of $0.14 per share.
- Following the results, CEO Matt Furlong was fired. The company is facing the prospect of reviewing various strategic business options to recover from the losses. Among those under consideration will be store closures and unprofitable business segments The company declined to comment more broadly on Q1 results.
Start investing today or test a free demo
Open account Try demo Download mobile app Download mobile appGameStop (GME.US) share price chart, H4 interval. The RSI indicator has not yet broken out levels indicating clear overvaluation, MACD is hovering upwards. If positive sentiment in the stock market continues, GameStop could erase all the declines that have lasted since December 2022. Source: xStation5
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
