GameStop Forms Bullish, Bearish Patterns Following Q2 Earnings
Portfolio Pulse from Melanie Schaffer
GameStop Corporation (NYSE:GME) reported better-than-expected Q2 earnings with a loss of 3 cents per share on revenues of $1.16 billion, exceeding the consensus estimate of a loss of 14 cents per share on revenues of $1.14 billion. However, Wedbush analyst Michael Pachter maintained an Underperform rating on the stock and lowered the price target from $6.20 to $6. The stock's price action formed both bullish and bearish patterns.
September 07, 2023 | 5:20 pm
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GameStop's better-than-expected Q2 earnings and the subsequent price action could lead to volatility in the stock. The lowered price target by Wedbush analyst suggests potential downside.
GameStop's Q2 earnings beat estimates, which is a positive signal. However, the lowered price target by Wedbush analyst suggests a bearish outlook. The stock's price action showing both bullish and bearish patterns indicates potential volatility in the short term.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100