Text size
A GameStop store in Manhattan
Michael M. Santiago / Getty Images
GameStop
the wild journey of action continued on Thursday. After shaving a third of its value on Wednesday, shares roared 53% again to $ 183.75 on Thursday.
The percentage gain on shares (marker: GME) was the highest since February 24, when it jumped 104%. More than 50.4 million shares were traded Thursday, according to Dow Jones Market Data. It is 296% of the average five-day volume of the stock and 147% of the average 30-day volume. Closing gain is among the sixth largest percentage increase of
GameStop
in register.
GameStop shares remain tied to a mesh of technical factors, such as short-term selling interest, options activity and retail investor demand on Reddit, as well as any Wall Street professionals who trade based on their feedback. Data from short-selling analytics firm S3 Partners show that 8.6 million short-term GameStop shares were recently sold, roughly 15.7% of the shares available for trading.
GameStop also joined earnings for other meme actions
AMC Entertainment Holdings
(AMC), up 21% to $ 10.94 and
Koss
(KOSS), up 57% to $ 25.80. The shares of GameStop, at $ 183.75, are again above the highest target price of the analysis indicated by FactSet, which is Jefferies analyst Stephanie Wissink at $ 175. It increased its target by 1.066% after the earnings report. The next highest target is Joseph Feldman of Telsey Advisory Group, who lowered his target to $ 30 from $ 33 on the news.
GameStop reported somewhat disappointing results after Tuesday’s close, though that news was combined with a trio of hiring new executives with an e-commerce background. In a presentation to the Securities and Exchange Commission, the company said it was evaluating whether it would expand a previously announced stock market offering by $ 100 million.
Separately in the filing, the company revealed that it expects more to be removed from the board of directors than previously announced. The company said in January that Lizabeth Dunn, Raul Fernandez, James Symancyk and Kathy Vrabeck were scheduled to leave, but the new presentation is expected to be joined by Reginald Fils-Aimé, Paul Evans, William Simon and Carrie Teffner.
It appears the non-leaving board members are alumni of Chewy, Ryan Cohen, Alan Attal and Jim Grube, and CEO George Sherman and activist board member Kurt Wolf. GameStop said earlier this month that Cohen is chairing a committee aimed at transforming the retailer into one more tech company. He is joined by Attal and Wolf on this team.
It looks like the company is also selling more computer parts online, a business that some analysts have asked the retailer to look at more aggressively. Nevertheless, with its valuation still above historical ranges, the bar is raised to achieve what would be a historical change.