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A GameStop store in Manhattan
Michael M. Santiago / Getty Images
GameStop
the wild walk of the stock continued on Thursday. After shaving a third of its value on Wednesday, the stock rose 53% to $ 183.75 on Thursday.
The percentage increase in the share (ticker: GME) was the highest since February 24, when it increased by 104%. More than 50.4 million shares traded on Thursday, according to Dow Jones Market Data. This represents 296% of the five-day average volume of the stock and 147% of the 30-day average volume. The closing gain is among the six largest percentage increases for
GameStop
official.
GameStop shares continue to be linked to a number of technical factors, such as short selling interest rates, options activity and demand from retail investors on Reddit – as well as any professional Wall Street traders based on their comments. Data provided by analysis firm S3 Partners shows that 8.6 million GameStop shares were sold recently, about 15.7% of the shares available for trading.
GameStop was also accompanied by earnings of meme shares
AMC Entertainment Holdings
(AMC), up 21% to $ 10.94 and
Koss
(KOSS), up 57% to $ 25.80. GameStop shares at $ 183.75 are again above the highest price target of the analyst listed by FactSet, which is Jefferies analyst Stephanie Wissink at $ 175. It raised its target by 1.066% after the earnings ratio. The next biggest target is Joseph Feldman, the Telsey Advisory Group, which has lowered its target to $ 30 from $ 33.
GameStop reported somewhat disappointing winning results after Tuesday’s close, although the news was associated with a trio of new e-commerce executives. In a filing with the Securities and Exchange Commission, the company said it is considering expanding a previously announced $ 100 million market share offering.
Separately in the filing, the company revealed that it expects more directors than previously announced to retire from the board of directors. The company said in January that Lizabeth Dunn, Raul Fernandez, James Symancyk and Kathy Vrabeck plan to leave, but the new files are expected to be joined by Reginald Fils-Aimé, Paul Evans, William Simon and Carrie Teffner.
Board members who do not appear appear to be Chewy Hazelnuts Ryan Cohen, Alan Attal and Jim Grube, as well as CEO George Sherman and board member activist Kurt Wolf. GameStop said earlier this month that Cohen is leading a committee to turn the retailer into a technology company. He is joined by Attal and Wolf on that team.
The company also appears to be selling more computer parts online, a deal that some analysts have asked the retailer to target more aggressively. Regardless, with its assessment still far beyond historical intervals, the bar is raised to provide what would be a historic change.