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GameStop (GME) shares -10% following Q2 financial results
Retail investors save GameStop (GME) stock after a 10% drop on the back of Q2 financial reveals.
GameStop (GME) became a household name in January when investing app Robinhood (HOOD) froze trades, which led to prominent spikes and drops in GME share prices.
GameStop is once again the focus of attention as its shares dropped 10% following the announcement of its Q2 financial results.
The video game retailer revealed a 76 cent adjusted loss per share and revenue of $1.18bn for April, May and June.
Apart from alluding to adequate liquidity to carry the company for the next 12 months, chairperson Ryan Cohen declined to reveal more specifics and outlooks about the company’s upcoming quarters.
Vague details regarding GameStop’s e-commerce strategies further fuelled a lack of confidence in the outfit’s financial market performance.
These factors led to Wall Street analysts expressing doubts and resulted in a significant share price drop.
During a session low, GME shares sold at $178 apiece, which was 10.5% lower than its closing bid on Wednesday.
Reddit’s chatroom buzzed about these fluctuations and retail investors used the opportunity to grab some cheaper shares, which steadied the stock price and brought it back into the green with +0.19% by the time the markets closed on Thursday.
This recovery reflects investor confidence in GME stock.
Experts, however, base their significant doubts on the absence of a digital transformation strategy.
Despite expansion and market bouncebacks, financial analysts such as Wedbush’s Michael Pachter believe that the time has come to sell GME shares.
Many analysts have ceased covering GameStop since the debacle at the beginning of the year.
Despite this backlash, GME stock remains popular with retail traders.
Investing in or selling GME shares depends on playing it safe or following the trends.
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