GameStop Corp. it headed for a $ 10 billion market cap on Friday, which would be the first time it has reached that level in more than a month, even though earnings from video game retailer shares were down slightly from the previous week.
GameStop GME,
the shares traded up 14% and fell up to 4% on Friday and rose 5% to $ 139.50. The stock price threshold for a market cap of $ 10 billion is $ 143.37, based on just under 69.8 million shares outstanding. The last time the stock closed above this price was on February 1, after its all-time closing price of $ 347.51 on January 27, and the highest intraday level of $ 483.00 on January 28, according to FactSet data.
The stock was poised for a weekly gain of about 35%, which would have fallen from the previous week, but it would still be the eighth best weekly gain in the stock’s history – 400% being the best back in late January. . The top four weekly earnings per share took place over a six-week period in 2021 as investors targeted mass shares.
Last week was the second best week of equities, and one analyst established a strong correlation between the volume of conversations on the RedSit WallStreetBets forum and the price of GameStop shares. Since January, investors in social networks have faced Wall Street firms betting on stocks, making GameStop one of the most heavily stocked stocks.
GameStop fourth-quarter results, which include holiday sales, are expected in late March, after a brief look in early January, showing that e-commerce sales increased by more than 300%, but overall sales fell in the season for the holidays.
With a few hours left on the trading day, the volume exceeded 24 million shares, compared to an average daily volume of 10.3 days of 50.3 million and an average daily volume of 52 weeks of 14.4 million.
GameStop shares have risen by almost 650% this year alone and have risen by almost 3,500% in the last 12 months. S&P 500 SPX Index,
it has increased by 0.3% in 2021 and by 24.6% in the last year.