The stock race continued on Thursday. After shaving a third of its value On Wednesday, the stock climbed 53% to $ 183.75 on Thursday.
The share’s percentage gain (ticker: GME) was its largest since February 24, when it jumped 104%. More than 50.4 million shares traded Thursday, according to Dow Jones Market Data. This represents 296% of the share’s five-day average volume and 147% of its 30-day average volume. The closing gain ranks among the sixth largest percentage increases for
The GameStop stock continues to be attached to a mesh of technical factors, like short selling interest, options activity and demand from retail investors on Reddit, as well as all the pros on Wall Street. based on their reviews. Data from short-selling analytics firm S3 Partners shows that 8.6 million GameStop shares were recently sold short, about 15.7% of the shares available for trading.
GameStop was also joined by earnings from other meme actions
AMC Entertainment Holdings
(AMC), up 21% to $ 10.94, and
(KOSS), up 57% to $ 25.80. GameStop stock at $ 183.75 is once again above analysts’ highest price target listed by FactSet, which is Jefferies analyst Stephanie Wissink at $ 175. It raised its target to 1,066% after the income report. The next highest target is Joseph Feldman of Telsey Advisory Group, who reduced his target to $ 30 from $ 33 on the news.
GameStop reported somewhat disappointing earnings results after the close on Tuesday, although this news was associated with a trio of new executives hired with e-commerce backgrounds. In a filing with the Securities and Exchange Commission, the company said it was evaluating whether to expand a previously announced $ 100 million stock market offering.
Separately, in the filing, the company revealed that it expects more directors than previously announced to step down from the board. The company announced in January that Lizabeth Dunn, Raul Fernandez, James Symancyk and Kathy Vrabeck were planning to leave, but the new case indicates they are expected to be joined by Reginald Fils-Aimé, Paul Evans, William Simon and Carrie Teffner.
The board members not leaving appear to be Chewy alumni Ryan Cohen, Alan Attal and Jim Grube, as well as CEO George Sherman and activist board member Kurt Wolf. GameStop said earlier this month that Cohen is chairing a committee aiming to transform the retailer in addition to a technology company. He is joined by Attal and Wolf in this team.
The company also appears to be selling more computer parts online, an activity some analysts have called on the retailer to target more aggressively. Anyway, with its valuation still well above historical ranges, the bar is high to deliver what would be a historic turnaround.