GME Stock Forecast: GameStop win streak hits five straight days amidst rocky start to August

NYSE:GME gained 3.05% during Tuesday’s trading session.
GameStop’s NFT Marketplace sees lower revenues as NFT trading dries up.
AMC surges ahead of earnings call as Apes aim for another squeeze.

Stocks Reporter FXStreet

NYSE:GME extended its recent win streak to five straight sessions as the stock looks to erase most of the gains it saw from its post-split selloff. On Tuesday, shares of GME added a further 3.05% and closed the trading day at $35.84. The rocky start to August continued for stocks as all three major indices closed in the red for the second consecutive day. Overall, the Dow Jones dropped lower by 402 basis points, while the S&P 500 and the NASDAQ fell by 0.67% and 0.16% respectively during the session.

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GameStop’s new NFT Marketplace was supposed to be a turning point in the company’s ongoing digital transformation. The launch came on the heels of the GameStop crypto and NFT non-custodial wallet earlier this year. But with the ongoing crypto winter, NFT sales have seen a major pullback as of late. Over the weekend, it was reported that GameStop saw its worst day of revenues yet since the marketplace opened for business. For the entire weekend, the marketplace brought in a total of less than $4700 in profit for the company. While it is still early days, GameStop investors may be concerned that the move into Web3 isn’t going as smoothly as initially thought.

Gamestop stock price

Fellow meme stock AMC (NYSE:AMC) had another strong session as the company prepares to report its quarterly earnings on Thursday. Shares of AMC surged by 9.77% on Tuesday as Apes prepared for another potential short squeeze that has been teased by CEO Adam Aron. The popular executive hinted at crushing short sellers after this Thursday’s earnings report, so Apes are clearly getting a head start on buying up AMC shares.

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Stocks Reporter

FXStreet

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