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Tag: GME stock

  • GameStop Corp. (GME) stock Plummets After Hours on Missed 2021 Earnings

    On March 17, GameStop Corp. (GME) declared its financial results for Q4 and full-year which ended on January 29, 2022. The company also announced its intention for the launch of the NFT marketplace by the end of Q2 fiscal 2022. Consequently, the stock plummeted down in the after-hours session on missed earnings.

    It seems investors were looking forward to the earnings with positive enthusiasm as the stock traded in the green during the regular session. GME closed the regular session with a gain of 0.97% at $87.70. The volume of the share exchanged remained above the average at 3.45 million. Following the results announcement, the stock reversed and entered the red as it declined by 8.04% in the after-hours. Hence, GME was trading at a value of $80.65 per share in the after-hours while 1.06 million shares exchanged hands.

    The multichannel video games, consumer electronics, and wireless services retailer, GameStop Corp. was founded in 1996.

    Source: Encyclopedia Britannica

    GME’s Latest Financial Results

    Q4 Overview

    In the fourth quarter ended January 29, the company had net sales of $2.254 billion against $2.122 billion in the year-ago quarter.

    Moreover, the company’s PowerUp Rewards Pro members reached 5.8 million in the quarter with an increase of 32% YOY.

    Additionally, GME formed new relationships with Alienware, Corsair, and Lenovo and partnered with Immutable X for supporting its NFT marketplace. The company also redesigned its app with an enhanced user interface and more functionality.

    Full-year Overview

    For the full year, GME reported net sales of $6.011 billion, against $5.090 billion in the previous year.

    Furthermore, the company had a net loss of $381.3 million in fiscal 2021, against $215.3 million in fiscal 2020.

    At the end of the year, the company had $1.271 billion in cash and cash equivalents and $915 million in inventory. Comparatively, the same were $635 million and $602.4 million at the end of fiscal 2020.

    In addition, the company also raised $1.67 billion in capital and eliminated its long-term debt except the French government’s Covid-19 associated.

    Partnership with Immutable X

    On February 3, the company announced entering into a partnership with Immutable X Pty Limited. Thus, resulting in up to $100 million funds in Immutable X’s IMX tokens. The companies plan to use the fund for grants to NFT content and technology creators. Added to this, Immutable X will provide up to $150 million in IMX tokens to GME upon the completion of certain milestones.

  • GameStop Corp. (GME) stock Soars High After Hours. What’s happening?

    On January 06, GameStop Corp. (GME) stock soared high in the after-hours on reports of its NFT plans. During the regular session, the stock traded in the green with a slight addition of 1.28% at its close of $131.03. Following the reports, the stock rallied big after hours to reach $160.50. The stock added a further 22.49% or $29.47 at a heavy volume of 2.62 million in the after hours.

    Founded in 1996, the video game retailer, GameStop Corp. is headquartered in Grapevine, TX. Currently, the company has a market capitalization of $9.88 billion with its 76.35 million shares outstanding. Moreover, the GME stock has subtracted 11.70% in the past five days while it added a huge 640.70% last year.

    What is going on with GME stock?

    According to The Wall Street Journal, the company is in the move for launching a business segment related to cryptocurrency and NFTs. Previously, GME’s CEO Matt Furlong had mentioned NFTs and crypto in a teaser last year. Furthermore, the company is also looking into partnerships with crypto companies for co-investment in developing games based on crypto and NFT tech. Currently, the company already has a website designed for NFTs.

    Given the popularity of Non-Fungible Tokens, these reports resulted in investors flocking towards the GME stock. Hence, the after-hours saw a huge volume of 2.62 million, which drove the stock up to reach $160.50. Consequently, the stock increased by a huge 22.49% in Thursday’s after-market session.

    Recent Developments

    On November 04, the company announced securing a new $500 million global asset-based revolving credit facility (ABL facility). The new oversubscribed ABL facility replaced the company’s existing facility of $420 million. The existing facility is due in November 2022. Further, the new facility not only provides enhanced liquidity but also reduced borrowing costs, has lighter covenants, and adds flexibility.

    In addition, the lead arranger for the facility was Wells Fargo Bank, N.A., which will also serve as the administrative agent for it.

    GME’s Financial Data

    On December 08, the company declared its financial results for the third quarter of 2021.

    According to the results, GME had net sales of $1.279 billion in the third quarter of 2021. This compares to $1.005 billion in the year-ago quarter.

    The company ended the third quarter of 2021 with cash and cash equivalents of $1.413 billion, on October 30.

  • GameStop Corp. (GME) stock rises in the Pre-Market: Why is it so?

    GameStop Corp. (GME) announced its expansion of North America Fulfillment and elimination of long-term debt after which the GME stock happened to be green in today’s pre-market on May 3, 2021, after bearing the fall in the previous trading session. GME stock saw a push of 1.30% to reach $175.85 a share at the time of this writing. GME stock went down by 1.48% at the previous closing. Let’s discuss the recent events of GME stock in detail.

    Expansion of Fulfillment Network:

    GME stock contracted for a 700,000 square foot fulfillment center in York, Pennsylvania in order to expand its North American fulfillment network to support transformation. This facility will support eCommerce and fulfillment needs and is expected to be operational by the fourth quarter of the year 2021. Management of GME stock is optimistic that its fulfillment center in York, Pennsylvania will pave the way for the growth of product offering of GME and accelerate the shipping process across the east coast.

    Elimination of long-term debt:

    GME stock today also announced its elimination from long-term debt according to which GME stock has completed its voluntary early redemption of $216.4 million of its 10.0% Senior Notes due 2023. This early redemption has covered all the principal amount of outstanding 10% senior notes which means that the GME stock has weaned itself from long-term depth. The freedom from the long-term debt will help GameStop stock to support future transformations and will strengthen the GME’s balance sheet.

    Completion of At-The-Market Equity Offering:

    On April 26, 2021, GME stock competed for its previously announced at-the-market equity offering program(ATM) pursuant to which GME stock sold 3.5 million shares of its common stock via the ATM offering. The aggregate proceeds resulting from this offering were totaled approximately $551 million without deducting the commissions and offering related expenses.Net proceeds will be used in GameStop’s transformation along with general corporate purposes as well as further strengthening of its balance sheet.

    Conclusion:

    Investors are responding to the recent couple of news related to GameStop’s expansion of  North America Fulfillment and elimination of its long-term debt. GameStop is now well-positioned for its transformation as well as to strengthen its balance sheet. In a nutshell, GME stock can be a good bet for investors in the long run.

  • GameStop Corp. (GME) stock popped high in Friday’s aftermarket: Why did it happen?

    Shares of GameStop Corp. (GME) stock popped high in the aftermarket session on Friday after Keith Gill, who is renowned as Roaring Kitty in social media, exercised his 500 call options to bought 50000 additional GME shares at a strike price of $12. GME was gloomy during the last trading session and closed with a 1.12% drop. Let’s deeply understand the current scenarios.

    Roaring Kitty helped the GME stock rise:

    Keith Gill, who is famous as Roaring Kitty on social media, posted the screenshot on Reddit which showed that he doubled down his bet by exercising 500 call options to bought additional 50000 shares of GME at a strike price of $12.His total investment in the GME stock has now reached 200,000 shares representing more than $30 million worth and $20 million profit. The screenshot posted was confirmed by his mother to Bloomberg.

    GameStop CEO news:

    George Sherman, the Chief Executive Officer of GameStop, has disposed of almost $12 million in shares with the proceeds earmarked by GME for the payment of compensation-related taxes. George Sherman is expected to leave the GameStop.He forfeited about 587,000 shares of $98 million worth after failing to meet the required performance targets.

    Key Information of GME stock

    GameStop is planning to move away from its brick-and-mortar business and for this purpose, the GME stock has added new executives for the growth of its business and advancement in its technology.GME shares skyrocketed 721% so far but were down more than half in the first month of this year.GME recently announced plans to retire senior notes due in two years in order to wean itself from debt.

    Conclusion:

    GME stock captivated the attention of investors amid the spread of the news related to purchasing additional shares of GME by Keith Gill. Following the current business trend, GME is more focused on the advancement of technology and online business. In a nutshell, investors eying GME stock need to do good research before adding this stock to their portfolio.

  • GameStop Corp. (GME) stock tumbles in Pre-Market today: Why did It happen?

    GameStop Corp. (GME) stock tumbles in Pre-Market today: Why did It happen?

    Shares of GameStop Corp. (GME), a leading gaming and entertainment platform, were tumbling in today’s pre-market trading session after the announcement of an equity offering by GME stock. GME price saw a downtrend of 13.03% to drop at $166.50 a share as of this writing. GME was green in the previous trading session and closed with a 0.86% gain with $191.45 per share price. GME also announced the Preliminary sales results of the first nine weeks of 2021 today. Let’s have a deep look at current scenarios.

    Equity Offering Plan:

    GME today on 5th April 2020 filed the prospectus supplement with U.S. Securities and Exchange Commission according to which GME stock would be able to sell a total of 3.5 million shares of its common stock from time to time via “at-the-market” equity offering program. The main purpose of this offering is to strengthen the balance sheet of GameStop by accelerating the process of its transformation and other general corporate purposes. GME would be offered by Jefferies LLC and its Sales price is subjective to the prevailing sale price in the market.

    Sales Performance of First Nine Weeks by GME stock

    The First nine-week period ends on April 4, 2021, and in this period, GME recorded an 11% increase in its global sales while as of February 27, 2021, these global sales were 5.3% high as compared to the four-week period of 2020 ended on February 29.18% increase in the global sales was observed in the last five weeks ended on April 4, 2021, as compared to the same period in the previous year.

    The restrictions imposed by the government due to COVID-19 have negatively impacted the GME in its operations across 14 countries. 13 % decrease in the store base in the Nine-week period of 2021 due to store optimization effort by GameStop mainly owes to these COVID-19 restrictions.

    Conclusion:

    Despite an increase in the global sales of GME stock in the latest nine-week period, GME stock is falling in response to the announcement of an equity offering program by GameStop. The previous record shows that GME stock soared over 1000% in the past three months. Hence GME stock can be a good bet in the long run but short-term investors need to do a lot of research before taking any decision.

  • GameStop Corp. (GME) Stock has skyrocketed in the Pre-Market: What’s happening?

    GameStop Corp. (GME) Stock has skyrocketed in the Pre-Market: What’s happening?

    GameStop Corp. (GME) shares have been on a skywalk. The videogame platform seller is captivating the attention in the market after recording a treble rise at one point in the premarket. As of 0741 GMT, the price was up more than 210% after rising as much as 240% earlier in the premarket. It recently closed at $91.71, fluctuating in a day’s range from $44.70 to $91.71. Let’s see what is the reason behind this bullish sentiment.

    What’s Happening?

    There is no single culprit behind this rise as the stock has been cited among investors in the social media after the resignation of GameStop Chief Financial Officer Jim Bell on Tuesday and rallied on Wall Street overnight after the European retail traders pushed the buying behavior.

    The Stock has now been a hot topic in the social media and trading platforms as one user called the trend “Marathon, not a Sprint” while another user expressed sorrow that he missed the GME for the first time and will never do this mistake again.

    On Wednesday GameStop U.S listed shares made a spectacular move and soared high upto 104% with several halts and continued to upswing in after hours.

    About a month ago GameStop received the perfect score of 100 on the Human Rights Campaign Foundation’s 2021 Corporate Equality Index. The company has recently initiated the search for a permanent Chief Financial officer to accelerate its tech transformation.

    Conclusion:

    The rise in the COVID pandemic has increased the overall demand in the game industry due to the availability of more leisure time to individuals but stocks like GameStop are continuously surging day by day even after the spread of vaccines. Considering the bullish sentiment, things have been working well for GME since after the resignation of Jim Bell, but no one knows when shares move high or low that’s why usually investors focus on long-term trends.

  • GameStop (GME) Stock Continues to Spike Days after the Appointment of Ryan Cohen

    GameStop (GME) Stock Continues to Spike Days after the Appointment of Ryan Cohen

    Is the bull run going to end anytime soon, or should you invest in GME now?

    Investors are having a good time if they have invested in GameStop (GME) stock earlier this month. The average trading volume is around 15.8 million—which shows that investors are betting highly on GME.

    The day traders are helping the stock to keep on pumping in the recent trading sessions. As we write this, GME has soared over 51% trading at $65—in the range of a 52-week high.

    But will the bullish run continue or will the stock retrieve in the coming days? The answer is that after a heavy push the day traders will take their profit and move out; GME is poised to drop in the next few days. But what does this mean for the long-term investors? Smart investing is when the price is dropping—buying the stock at a low could increase the profit margin.

    What’s happening?

    The reason for the recent bull is mainly powered by Citron backing away from the live stream. Earlier this week, Citron was to go live to discuss that why GameStop (GME) was heading back to $20. But later, the company pulled back due to some hacking concerns on Twitter, ending in bulls for GME.

    For now, this Twitter spat may continue to fire GME stock but ultimately things will cool down in a while.

    Talking about the operational depth of the company—in the Q3 report—its comparable-store sales soared by 16.5% for Nov. 2020. While the total net sales increased from $747.6 million to $791.1 million—from fiscal Nov. 2019.

    Moreover, the basic push that can drive GameStop in the long-term is its business performance. That is improving which is a good sign. Another important factor is the signing of Ryan Cohen as a member of CME’s board of directors. Ryan, who is the co-founder of the famous pet food retailer, Chewy will join GameStop’s board along with two other Chewy executives.

    Reportedly, Chewy’s co-founder wants things to accelerate at GameStop and he wants the company to adopt a more online strategy. With the three board seats on his side, Cohen can target this goal with more authority.

    The company updated that it gained 3.1% more sales during this year’s nine-week holiday season. This was good for the company because people were more driven towards e-commerce and relied more on online sales.

    In a recent SEC filing, it was unveiled that three directors sold GME’s stock with a total value of $2.7 million, while another director sold stock worth $17 million. Despite the insider selling of GME shares, the stock continued to jump, which can be a good sign.

    Conclusion

    Recently, GameStop (GME) has reported the growth of its sales which is good to start the new year with continuing growth. With the opening of stores and things coming to normal, we can expect the stock to perform well in this year. Most importantly, the appointment of Cohen is a very big move. If he intends to move towards the online system, things will get better for the company in the long-term.

  • Are GameStop Corp. (NYSE: GME) shares expected to surge after tumbling in the After-hours session

    Are GameStop Corp. (NYSE: GME) shares expected to surge after tumbling in the After-hours session

    GameStop Corp. (NYSE: GME) stock plummeted in the after-market session after the announcement of its Earnings Results for the Q3 ended 31 October 2020. Indicating steady momentum in its long-term organizational plans and a promising start to the Q4 following the introduction of the long-awaited next-generation video game consoles.

    Net revenues amounted to $1,004.7 million, down 30.2 percent from the third quarter of the fiscal year 2019, reflecting the effect of activities during the last few months of the seven-year new generation console cycle and the resulting restricted supply of hardware and accessories.

    The 11 percent decline in the store base, as part of the company’s de-densification policy, was partly compensated by recaptured revenue by the transition to nearby markets and online sales. Comparable retail sales dropped by 24.6 percent.

    Comparable store sales, which include e-commerce revenue, increased by 57%.

    Looking ahead, the Group continues to reflect on the efforts it has made to navigate during this extraordinary period, including retaining its balance sheet strength, prioritizing the distribution of capital to areas of business that deliver good cash flow through reducing spending around the company, improving and extending its digital strategy, and strengthening inventory discipline.

    Owing to the uncertainties surrounding the period and the changing effect of COVID-19, the Organization continues to suspend guidance. Still, it plans to report positive comparable revenue and profitability in the Q4 of the fiscal year.

    For fiscal November 2020, comparable-store revenues grew by 16.5 percent, and overall net sales increased by $791.1 million compared to $747.6 million in fiscal November 2019.

  • 35 stocks making the biggest moves premarket today

    35 stocks making the biggest moves premarket today

    FuelCell Energy Inc. (FCEL) stock soared 4.75% to $10.15 in the pre-market trading. The most recent rating by JP Morgan, on November 19, 2020, is a Neutral.

    SCWorx Corp. (NASDAQ: WORX) shares are trading down -6.76% at $2.07 at the time of writing. Company’s 52-week ranged between $1.00 to $14.88.

    Nano Dimension Ltd. (NNDM) lost over -12.1% at $5.74 in pre-market trading Monday, November 30, 2020, after announcing that it has entered into definitive agreements with investors for the sale of 11,960,160 of the Company’s American Depositary Shares (“ADSs”) at a price of $5.00 per ADS pursuant to a registered direct offering.

    Moderna Inc. (MRNA) is up more than 9.38% at $138.95 in pre-market hours on Monday, November 30, 2020 after the firm today announced that the primary efficacy analysis of the Phase 3 study of mRNA-1273 conducted on 196 cases confirms the high efficacy observed at the first interim analysis. The data analysis indicates a vaccine efficacy of 94.1%. The stock had jumped over 16.35% to $127.03 in the last trading session.

    FreightCar America Inc. (NASDAQ: RAIL) shares are trading down -3.99% at $2.65 at the time of writing. Company’s 52-week ranged between $0.73 to $2.87. Analysts have a consensus price target of $4.50.

    Blink Charging Co. (BLNK), a Specialty Retail company, dropped about -3.25% at $27.09 in pre-market trading Monday. The firm recently declared that it has acquired the EV charging operator U-Go Stations, Inc. and its portfolio of 44 DCFC charging locations.

    Zomedica Corp. (ZOM), a Drug Manufacturers – Specialty & Generic company, dropped about -1.12% at $0.1324 in pre-market trading Monday.

    GameStop Corp. (GME) is up more than 4.1% at $16.74 in pre-market hours Monday November 30, 2020 after declaring 2020 cyber week deals. The stock had jumped over 9.02% to $16.08 in the last trading session. GameStop Announces 2020 Cyber Week Deals.

    Riot Blockchain Inc. (RIOT) grew over 8.64% at $6.79 in pre-market trading today.

    Verastem Inc. (VSTM) stock moved up 5.03 percent to $2.09 in the pre-market trading after reporting the initiation of a Phase 2 registration-directed clinical trial of VS-6766, its RAF/MEK inhibitor, and defactinib, its FAK inhibitor, in patients with recurrent low-grade serous ovarian cancer (LGSOC).

    Tuniu Corporation (TOUR) gained over 6.58% at $3.4 in pre-market trading on Monday, November 30, 2020. Before the trading started on November 30, 2020.

    Novavax Inc. (NVAX) is down -8.31% to reach $115.25 after providing an update on its COVID-19 vaccine program. NVX‑CoV2373 is a stable, prefusion protein antigen derived from the genetic sequence of the SARS-CoV-2 coronavirus spike (S) protein and adjuvanted with Novavax’ proprietary Matrix‑M™. It has been trading in a 52-week range of $3.65 to $189.40.

    Occidental Petroleum Corporation (NYSE: OXY) shares are trading down -2.36% at $16.17 at the time of writing. Company’s 52-week ranged between $8.52 to $47.58. Analysts have a consensus price target of $18.

    RMG Acquisition Corp. (RMG) stock soared 6.6% to $18.1 in the pre-market trading. The firm recently revealed that the close of business on Tuesday, December 1, 2020, has been set as the record date for the determination of stockholders eligible to receive the proxy and vote at the special meeting to be held to consider and approve the previously announced merger with Romeo Systems, Inc., a Delaware corporation.

    Uxin Limited (UXIN) stock soared 2.53% to $1.62 in the pre-market trading. The most recent rating by JP Morgan, on October 23, 2019, is a Neutral.

    ReneSola Ltd (NYSE: SOL) shares are trading up 8.02% at $8.08 at the time of writing. The technology company recently announced the closing of the sale of a portfolio of operating projects located in the United Kingdom to Atmosclear Investments Ltd, an European renewable energy and cleantech private equity group. Company’s 52-week ranged between $0.85 to $5.67. Analysts have a consensus price target of $22.

    Kandi Technologies Group Inc. (KNDI) tumbled over -2.28% at $13.31 in pre-market trading today after CBAK Energy and Kandi Group signed a supply framework agreement.

    Vaxart Inc. (VXRT) is up more than 4.84% at $7.37 in pre-market hours on Monday, November 30, 2020. The stock had jumped over 9.84% to $7.03 in the last trading session. Before the trading started on November 30, 2020.

    Alibaba Group Holding Limited (BABA) is down -2.3% to reach $270.13. The internet retail company has been named a leader in Gartner’s 2020 Magic Quadrant for Cloud Database Management Systems. It has been trading in a 52-week range of $169.95 to $319.32.

    EyePoint Pharmaceuticals Inc. (EYPT) stock soared 1.97% to $0.55 in the pre-market trading. The most recent rating by B. Riley FBR, on April 06, 2020, is a Neutral.

    Canaan Inc. (NASDAQ: CAN) shares are trading down -7.83% at $5.3 at the time of writing after releasing its unaudited financial results for the three months ended September 30, 2020. Company’s 52-week ranged between $1.76 to $8.69.

    Heat Biologics Inc. (NASDAQ: HTBX) shares are trading down -0.88% at $1.13 at the time of writing. Company’s 52-week ranged between $0.19 to $4.30. Analysts have a consensus price target of $4.

    Yunji Inc. (YJ), an Internet Retail company, dropped about -7.35% at $3.53 in pre-market trading Monday. The firm recently declared its unaudited financial results for the third quarter ended September 30, 2020.

    India Globalization Capital Inc. (IGC) gained over 22.63% at $2.33 in pre-market trading Monday November 30, 2020.

    Oramed Pharmaceuticals Inc. (ORMP) stock moved up 38.65 percent to $6.17 in the pre-market trading. The healthcare firm recently reported that it has screened the first patients in its global Phase 3 trials of its oral insulin capsule ORMD-0801 for the treatment of type 2 diabetes (T2D). Before the trading started on November 30, 2020.

    Schlumberger Limited (SLB) is down -2.06% to reach $21.43. It has been trading in a 52-week range of $11.87 to $41.14.

    Ocugen Inc. (OCGN) stock plunged -1.71% to $0.294 in the pre-market trading. The firm recently revealed that Dr. Shankar Musunuri, Chairman, CEO, and Co-Founder of Ocugen, will speak on “The Promise of Cell & Gene Therapies: Regulatory and Reimbursement Roadblocks” at Xconomy’s Xcelerating Life Sciences New York & Philadelphia Virtual Event on December 3 at 10:30 a.m. Before the trading started on November 30, 2020.

    Gold Fields Limited (GFI) is down -2.52% to reach $8.5. It has been trading in a 52-week range of $3.79 to $14.90. Before the trading started on November 30, 2020.

    Marathon Patent Group Inc. (MARA) is up 15.65% to reach $4.95. It has been trading in a 52-week range of $0.35 to $6.05.

    Kingsoft Cloud Holdings Limited (KC) stock soared 5.13% to $43.69 in the pre-market trading after reporting that it will be included in the MSCI China Index, effective after the U.S. market close on November 30, 2020. The most recent rating by Goldman, on June 29, 2020, is a Buy.

    NanoVibronix Inc. (NASDAQ: NAOV) shares are trading up 5.26% at $0.8 at the time of writing. Company’s 52-week ranged between $0.54 to $3.50.

    Waitr Holdings Inc. (WTRH) stock moved down -1.46 percent to $3.38 in the pre-market trading.

    Hennessy Capital Acquisition Corp. IV (HCAC) gained over 9.0% at $13.69 in pre-market trading on Monday, November 30, 2020.

    Trevena Inc. (TRVN) stock plunged -4.67% to $2.45 in the pre-market trading. The most recent rating by Guggenheim, on September 14, 2020, is a Buy.

    Suncor Energy Inc. (NYSE: SU) shares are trading down -0.58% at $17.15 at the time of writing. The firm lately publicized that it, together with the other Syncrude joint venture owners – Imperial Oil Resources Limited, CNOOC Oil Sands Canada, and Sinopec Oil Sands Partnership – have agreed in principle for Suncor to become the operator of the Syncrude project by the end of 2021. Company’s 52-week ranged between $9.60 to $34.56.