GameStop (GME) Stock Price and Forecast: Shares remain strong as traders bet on new CFO


  • Gamestop shares at $126.61 up 5% on Tuesday. 
  • GME shares still one of the top trending stocks on social media.
  • Traders are betting on a new CFO revitalizing the business.

Update March 2: Gamestop hasn't gone away and is up 5% during Tuesday's regular session at $126.61. GME shares have recovered recently on the back of news that Gamestop's CFO is stepping down. Social media speculation is rife that activist investor and Gamestop board member Ryan Cohen will be able to use his influence in the appointment of the new CFO, brining in someone with online retail experience. Gamestop shares had earlier rallied a18% on Monday.

GME Stock Price and News

Shares in Gamestop had returned for a sequel last week as the shares spiked up to nearly $200 without any apparent catalyst. 

Gamestop's CFO stepping down had caught the attention of retail traders on the /wallstreetbets site as traders talked about "going again". The spike wasn't as dramatic as that in January but still left most commentators puzzled as to what was behind it.

Well, research reported by Reuters has provided further information on what may be happening. Reuters quotes research carried out by Massachusetts cybersecurity company PiiQ Media. PiiQ estimates thousands of bot accounts in social media hyped Gamestop other meme stocks and Dogecoin. PiiQ focused on Twitter, Facebook, Instagram and Youtube but not Reddit. But Aaron Barr CTO of PiiQ said he would expect similar results.

Reuters reports 

"Based on its authenticity scoring system, PiiQ estimates there are tens of thousands of bot accounts hyping GameStop, the meme stocks, and Dogecoin, a cryptocurrency swept up in the frenzy. Thousands of fake accounts can be purchased for as little as $200, it said.

The company did not analyze Reddit data, but Barr said he would expect to see a similar pattern of activity on Reddit, indicating bot-like or coordinated management of conversations.

A representative for Reddit did not comment beyond Huffman’s testimony. Representatives for YouTube, Facebook and its Instagram subsidiary did not respond to requests for comment. The social media platforms generally try to weed out harmful bots, said Barr.

A representative of Twitter said “bots” had become a catch-all term that can often mischaracterize the nature of the account. The company notes bots can be used on its platform for creative or innovative purposes."

Reddit Chief Executive Steve Huffman told Congress this month that bots, artificial or fake accounts with automated content, had not played a “significant role” in GameStop Reddit message traffic."

Ends.

GME Stock Forecast

Well, that is the question on everyone's minds. will Gamestop modernizer and thrive or will it get left behind in the online retail trend. Investors are betting that the departure of Gamestop's CFO will shake up and lead to a new direction, piloted by Ryan Cohen. Q4 results are unconfirmed for March 25. 

Previous updates:

Update, March 2: GameStop (NYSE: GME) saw the frenzy resurfacing starting out March, as the shares of video gaming company rocketed as much as 27% to reach daily highs at $133.94 before reversing gains to settle Monday at $120.40, still up 18.34% on the day. However, in the post-market trading, the GME stocks fell 5% to $115. No news around the videogame retailer’s stock was seen as good news, helped by Reddit’s jawboning for higher highs, which powered the shares through the roof.

Although the after-hours selling came on the back of the Reuters report, citing that the US Financial Industry Regulatory Authority (FINRA) canceled the license of GameStop bull “Roaring Kitty” to act as a broker buying and selling securities. Follow more stocks news here

Shares in Gamestop are trading modestly higher in Monday's pre-market session at $106.5, a gain of nearly 5%. 

The author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

This article is for information purposes only. The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice. It is important to perform your own research before making any investment and take independent advice from a registered investment advisor. 

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to accuracy, completeness, or the suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. The author will not be held responsible for information that is found at the end of links posted on this page. 

Errors and omissions excepted.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Get Weekly Crypto trade ideas!  
Empower yourself with the best market insights

Join FXStreet Premium!    

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD stabilizes after US retail sales smash estimates

EUR/USD has bounced off its lows but remains below 1.20 after US retail sales smashed estimates with a 9.8% leap. Moreover, jobless claims tumbled to 576,000. Markets are digesting the big bulk of data.

EUR/USD News

GBP/USD rises toward 1.38 ahead of Brexit meeting

GBP/USD maintains a cautious approach below 1.3800, accumulating minor losses. Global risk uncertainties weigh on the pair. Investors await the Brexit meeting on the NI issue.

GBP/USD News

ETH seizes the spotlight as BTC and XRP contemplate retracement

Bitcoin price shows a correction in play after the MRI flashed a red ‘one’ cycle top signal. Ethereum shows a strong trend continuation while the rest of the market experiences a minor pullback. 

Read more

XAU/USD jumps above $1,760 amid slumping US T-bond yields

Gold extended its daily rally beyond $1,760 on Thursday. 10-year US Treasury bond yield is down more than 4% on the day. US Dollar Index falls into the negative territory below 91.60.

Gold News

Citi (C) beats on EPS and revenue, investment banking booms!

Citigroup (NYSE:C) reports Q1 2021 earnings showing strong growth in investment banking following on from Goldman smashing it on Wednesday. Citi shares are trading $74.20 in pre-market up nearly 2%.

Read more

Forex MAJORS

Cryptocurrencies

Signatures