GameStop shares slide as original meme stock’s struggles continue - MarketWatchMarketWatch Site Logo
Shares of videogame retailer and original meme stock GameStop Corp. ended Tuesday’s session down 4.8%, with the stock snapping a four-day winning streak.
The company’s shares also registered their biggest daily percentage decline since Jan. 16, when they fell 5.2%. The stock has now been down 11 of the last 17 trading days.
GameStop GME, +4.54% shares rallied last month ahead of the company’s fiscal third-quarter earnings report, but have now fallen 33.7% over the last 52 weeks, compared with the S&P 500 index’s SPX gain of 21.1% in that time.
Related: Original meme stock GameStop sees its biggest daily decline in over a month
Short interest as a percentage of GameStop’s public float of shares is 23%, according to the latest exchange data.
GameStop, like fellow meme-stock darlings including AMC Entertainment Holdings Inc. AMC, +4.45%, was a major beneficiary of the meme-stock buying frenzy in January 2021. Boosted by the WallStreetBets crowd on Reddit, the struggling videogame retailer’s stock soared more than 1,200% between January and March 2021, as the company’s market capitalization surpassed $17 billion. But shares have pulled back significantly since then, and GameStop’s market cap now stands at $4.55 billion.
The company saw major leadership changes last year. GameStop fired CEO Matthew Furlong in June and said that its board had elected activist investor Ryan Cohen as executive chair. Cohen was then named CEO in late September, the latest chapter in his attempt to breathe new life into the company.
AMC shares, meanwhile, fell 3.4% Tuesday and are now down 91.1% over the last 52 weeks.
Related: AMC’s CEO bemoans ‘painful’ stock slide amid ‘ludicrously anemic’ box office
Read Next
An enviable part of Arm’s business shone in the latest quarter, and analysts are feeling increasingly upbeat about the future.
More On MarketWatch
James Rogers is a Financial Columnist for MarketWatch.
Advertisement
Visit a quote page and your recently viewed tickers will be displayed here.
Posts
0 comments
Post a Comment