GME Stock Price: Gamestop continues to rebound even as markets tumble to close the week

NYSE:GME gained 1.45% during Monday’s trading session.
GameStop Apes are still hoping for another short squeeze.
GameStop might need more than just its NFT Marketplace to save the company.

Stocks Reporter FXStreet

NYSE:GME closed out the week strong despite the broader markets tumbling during Friday’s session. Shares of GameStop gained 1.45% and closed the trading session at $124.25. The stock has rallied as of late after briefly touching below $100.00 per share for the first time since before the short squeeze in January of 2021. All three major indices closed the session lower as reports of an impending Russian attack on Ukraine sent stocks reeling. The White House reported that it anticipated Russian forces to move on Ukraine at some point during the next couple of weeks before the Beijing Winter Olympic Games are over.

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GameStop apes have quietly been biding their time over the past few months, as the lead meme stock continues to make lower lows. Now, a year after the original Reddit short squeeze, GameStop once again has a short percentage of about 23%. While it’s not quite the same level as last year, 23% is still a higher than normal percentage for any stock. Could GameStop apes be planning another short squeeze? Or is this just wishful thinking now for a meme stock movement that has long-lost any sort of momentum.

GME stock news

GameStop and its apes are hopeful that the recently announced NFT marketplace will be enough to help save the long-term prospects of the company. Video game retail is obviously heading towards an entirely digital space, and with online stores built directly into consoles, there isn’t much of a need for the industry moving forward. Is the NFT marketplace partnership with Immutable X enough to save GameStop? Perhaps in the short-term, but for GameStop to stay relevant it will need to hope that NFTs also stay relevant for the foreseeable future.

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Stocks Reporter

FXStreet

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