Popular among retail investors, GameStop (GME.US) is gaining nearly 10% today and has reached local highs of March 2022. The reason is Ryan Cohen's reported purchase of the company's shares, worth $10 million. The market perceived Cohen's purchase as an 'act of faith' by the former CEO in the long-term success and undervaluation of GME's shares.
- Cohen bought a total of 443,000 shares, paying between $22.24 and $22.90 per share, and already owns nearly 12% of Gamestop's shares. The purchase came just days after the company reported disappointing quarterly results, revealing a loss of $0.14 per share.
- Following the results, CEO Matt Furlong was fired. The company is facing the prospect of reviewing various strategic business options to recover from the losses. Among those under consideration will be store closures and unprofitable business segments The company declined to comment more broadly on Q1 results.
GameStop (GME.US) share price chart, H4 interval. The RSI indicator has not yet broken out levels indicating clear overvaluation, MACD is hovering upwards. If positive sentiment in the stock market continues, GameStop could erase all the declines that have lasted since December 2022. Source: xStation5
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