GameStop Analyst Lowers Price Target After 'Rambling Presentation By Roaring Kitty': Does Video Game Company Have 'Enough Runway To Appease Its Cult-Like Shareholders'?
Portfolio Pulse from Chris Katje
GameStop (NYSE:GME) has completed two at-the-market offerings, raising $3 billion. Wedbush analyst Michael Pachter criticized the sale price and lowered the price target to $11. Citron Research is no longer short on GameStop, citing the company's $4 billion cash balance. Investors are optimistic about potential acquisitions and investments by CEO Ryan Cohen.
June 12, 2024 | 5:40 pm
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GameStop raised $3 billion through share offerings, but Wedbush analyst Michael Pachter criticized the sale price and lowered the price target to $11. Citron Research exited its short position, citing the company's $4 billion cash balance. Investors are optimistic about potential acquisitions and investments by CEO Ryan Cohen.
The news presents mixed signals for GameStop. While the company has raised significant cash, the lower-than-expected sale price and reduced price target from Wedbush could weigh on the stock. However, Citron's exit from its short position and investor optimism about potential acquisitions and investments provide a counterbalance.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100