It looks like GameStop is on the rise yet again thanks to a massive surge in the company’s stock. GameStop’s stock has been skyrocketing over the last several days, indicating another squeeze similar to the one that happened in January and made headlines across the entire world. The stock began to really take off yesterday and is expected to continue throughout the week.
Yesterday, GameStop quietly announced it was investing in NFTs which caused the stock to shoot up almost 17%. It broke through its resistance point of $180 with ease and moved past $200, something GameStop’s stock hadn’t seen in months. It was good news for anyone still holding on to GameStop shares after the price cratered in January and the good news only continued throughout today.
GameStop rallied another 15.82% (via Unusual Whales), allowing the stock to reach a value of over $240. This trend appears to be very reminiscent to that of the GameStop short squeeze that took place in January. The stock has gone up over $100 in value since May 10 and is looking like it’ll likely continue to fly high over the next few days. Whether or not it’ll be met with more resistance or a major shock that shatters its potential remains to be seen. GameStop’s next earnings call is expected for June 8, which could bring nothing but good news or cause the price to plummet yet again.
Like in January, it seems the squeeze is happening again.$BB up 10%.$GME up 15%.$AMC up 19%.— unusual_whales (@unusual_whales) May 26, 2021
The flow for $AMC and $GME were bullish for tomorrow. $BB is 50/50. Check https://t.co/nTn0dFAfXR
Has the squeeze sqouze? pic.twitter.com/V8Gz8Rvfnh
GameStop’s last subpar earnings call tanked the share price, causing frustration and disappointment among retail investors. That said, its new chairman, Ryan Cohen, has been providing a lot of optimism regarding the future of the company. The Chewy.com founder has been shepherding a new era of GameStop thanks to his ambitious plans to turn the company into a thriving ecommerce platform. Although it’s not clear if this change in strategy will be successful, Cohen is looking in all the right places as he tries to help gather a tight team of industry experts.
One of the first major changes made as part of this new ecommerce strategy was when GameStop began a price matching policy to allow the company to be competitive with both its new games and used games. It remains to be seen just how far GameStop will go to transform itself and remain relevant. Should good news keep trickling out, it’s likely the stock will keep gaining momentum. As of right now, it seems GameStop has at least steered itself clear from otherwise certain bankruptcy. Its executives and patrons are certainly hoping that the future is going to continue to be bright.