GME Stock Price: GameStop Corp soars toward $300 as meme stocks roar back
- NYSE:GME surges by 26.94% on Tuesday as global markets rebounded from a near month-long correction.
- GameStop reports that Chewy founder Ryan Cohen will lead the retooling of its digital platform.
- GameStop is set to report its quarterly earnings report on March 23rd after the closing bell.
Update March 10: GameStop Corp (NYSE: GME) has kicked off Wednesday's trade with a leap of nearly 18% to $290, with the daily high standing at $297.16. Retail traders organizing on Reddit's WallStreetBets forum are boosting shares of the veteran video gaming company. As described below, the appointment of Ryan Cohen and hopes about GameStop's earnings are also fueling demand.
NYSE:GME has defied conventional financial logic and has more than doubled off of its lows following the r/WallStreetBets short squeeze that took place in late January. The event caused the bankruptcy of a couple of institutional investors, as well as a congressional hearing featuring the CEO of Robinhood as well as various other players including the CEO of Citadel. On Tuesday, as the NASDAQ rebounded from a recent correction, GameStop surged by an unthinkable 26.94% to close the trading session at $246.90. The belief on Reddit is that another short squeeze is taking place with a target date of March 19th for institutional investors to close their short positions.
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GameStop investors received some interesting news recently when former Chewy (NYSE:CHWY) founder Ryan Cohen was placed in charge of a team that would reconfigure the company’s future digital structure. Cohen brought Chewy to the mainstream and made it a viable competitor in the eCommerce space so GameStop is hoping he can do the same by utilizing its vast supply chain and retail infrastructure. Cohen sent social media into a buzz when he recently tweeted the picture of an ice cream cone and a frog emoji, leading some investors to believe something significant may be coming down the pipe.
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GameStop also announced that it will announce its quarterly earnings report after the closing bell on March 23rd. While much can be said about GameStop’s financials and current retail standing, this should be an interesting call for the entire financial industry to listen to.
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