GameStop Dives Into Collectibles Market With Pokémon Trading Cards
Portfolio Pulse from Franca Quarneti
GameStop Corp (NYSE:GME) is expanding into the collectibles market by buying and selling Pokémon and other trading cards. This move leverages its existing trade-in system and focuses on graded cards authenticated by the Professional Sports Authenticator (PSA). Initially, GameStop will accept cards graded by PSA and valued at $500 or less, with plans to expand this service. The company's stock spiked by over 100% at one point, with a current increase of 78.5%, influenced by Keith Gill's (Roaring Kitty) social media activity.
May 13, 2024 | 7:11 pm
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GameStop's entry into the trading card market, focusing on Pokémon cards, and leveraging its trade-in system for graded cards, has contributed to a significant stock price increase. The stock spiked over 100%, with a current rise of 78.5%, partly due to social media activity by Keith Gill (Roaring Kitty).
GameStop's strategic move into the collectibles market, specifically trading cards, taps into a growing and lucrative sector. The emphasis on graded cards ensures quality and authenticity, appealing to collectors and investors. The stock's significant rise is directly linked to this announcement and is further amplified by Keith Gill's social media activity, reminiscent of the 2020 meme stock frenzy. This suggests a positive short-term impact on GME's stock price, driven by both the strategic business expansion and the influence of social media on investor sentiment.
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