GameStop Stock Hits New 52-Week Low: What's Going On?
Portfolio Pulse from Erica Kollmann
GameStop Corporation (NYSE:GME) shares hit a new 52-week low of $12.59 on Monday, trading below its 50-day moving average of $16.38. The stock has dropped more than 20% over the last month. On Sept. 28, GameStop announced that its board of directors had elected Ryan Cohen as president and CEO, who will not receive compensation for his role. GameStop's stock is known for starting the 'meme stock' craze and 20.11% of available GME shares are being sold short.
October 30, 2023 | 4:47 pm
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GameStop's stock hit a new 52-week low, trading below its 50-day moving average. The stock has dropped over 20% in the last month. Ryan Cohen was elected as president and CEO, who will not receive compensation for his role.
The stock has been on a downward trend, hitting a new 52-week low and trading below its 50-day moving average. This, combined with the fact that 20.11% of available GME shares are being sold short, indicates a bearish sentiment among investors. The appointment of Ryan Cohen as president and CEO, who will not receive compensation, could be seen as a positive move for cost reduction, but it may not be enough to offset the negative sentiment.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100