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Shares of Gamestop Are on Track for the Biggest Gain in Four Months Ahead of Fourth-quarter Results

March 25, 2024
minute read

GameStop Corp. experienced a notable surge of 6.8% in its stock value on Monday, marking its most significant daily percentage increase since December 13, 2023, according to data from Dow Jones Market. This uptick precedes the anticipated release of its fourth-quarter results, scheduled for after the market closes on Tuesday.

Analysts, as per FactSet surveys, are projecting GameStop (GME) to announce fourth-quarter earnings of 30 cents per share along with revenue amounting to $2.05 billion.

The momentum in GameStop's shares surged in December ahead of the company's fiscal third-quarter earnings disclosure, only to witness a decline earlier this year. In 2024, the stock has experienced a downturn of 20.3%, a stark contrast to the 9.6% gain observed in the S&P 500 index.

GameStop's shares are poised to conclude at their highest value since March 15, 2024, when they settled at $14.24. According to the latest exchange data, the short interest in GameStop's publicly floated shares stands at 22.7%.

The market capitalization of GameStop currently stands at $4 billion, significantly lower than its peak during the meme-stock frenzy of 2021, when it soared past $17 billion. The stock has plummeted by over 83% from its record closing high of $86.88 on January 27, 2021.

The company underwent substantial leadership alterations last year, notably with the dismissal of CEO Matthew Furlong in June, followed by the election of activist investor Ryan Cohen as executive chair by the board. Cohen assumed the position of CEO in late September, marking a new phase in his endeavor to revitalize the company.

In contrast, shares of another original meme stock, AMC Entertainment Holdings Inc. (AMC), experienced a slight decline of 0.3% on Monday.

Editorial Board
Eric Ng
John Liu
Editorial Board
Bryan Curtis
Adan Harris
Managing Editor
Cathy Hills
Associate Editor

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