It is being speculated that the stock is soaring because of GameStop’s recent announcement which stated that a “strategic planning and capital allocation committee” is being formed which will aim to make GameStop a “technology business”.
GameStop Stock Price Soar ing
Gamestop stock price is soaring again after it plunges from its all-time high Reddit wallstreetbet short squeeze saga. The Stock price of Gamestop peaked at $347.51 on January 27 of this year. The stock drop to $40.59, its lowest since its peak on February 19.
Why GameStop Stock Price is Rising?
There is more than one reason responsible for this new surge in Gamestop stock price. Reddit’s Wallsteetbet, the subreddit that was responsible for its first rally is still a huge factor. However, the main reason might be due to the Company major shakeup.
Ryan cohen push For GameStop to Become like Amazon
Ryan Cohen, the former CEO of Chewy, bought a large stake in GameStop with a vision of turning the company into the Amazon of the video game market.
Who owns GameStop?
Here’s when things started to shift: In August, Ryan Cohen — founder of the online pet food company Chewy — disclosed that his venture capital firm, RC Ventures, had a 9% stake in GameStop.
How does short selling work?
In short selling, you borrow a certain number of shares from brokers, then sell them into the stock market at their current value. You have to pay interest based on how much demand there is, according to Hilary Kramer, chief investment officer for Kramer Capital Research.
Who is the reporter for Vox?
In an interview with Marketplace’s Kai Ryssdal, Vox reporter Emily Stewart raised the question of whether this is all that different from a hedge fund guy going on the CNBC business news channel and stating his opinion.
Who is the press secretary of Biden?
During a White House news conference, President Joe Biden’s press secretary, Jen Psaki , said that Treasury Secretary Janet Yellen and others “are monitoring the situation” and that the stock market is not the only measure of a healthy economy.
Lyft eyes profitability by the end of 2021
Lyft stock gained significant value today after company executives stated that they expect to be profitable by the end of 2021. That’s a year earlier than expected, according to this Bloomberg report.
GameStop stock is trading at a premium
We’re seeing big news surrounding GameStop (GME) today. The stock is trading at $6.33, which is 23% higher than analysts’ 12-month average target estimate of $4.9. Despite the recent upward spiral, GME stock is trading 63% below its 52-week high.
