New Leadership At GameStop, New Improvements, New Reasons To Buy? - GameStop (NYSE:GME)
Benzinga During the stock market craze of 2020-2022 kickstarted by the FED's response to the COVID-19 stock market sell-off and economic slowdown, many companies which were able to sell a corporate strategy and upside potential saw investor funds pile into the door despite what the underlying financials looked like.
This wave has pivoted in the opposite direction now that inflation has gone rampant during 2022-2023, where the FED has decided to raise interest rates to combat these environments.
As a result of these new pivots, the same set of stocks has seen a dire outcome, with most investors pulling out of these names to hunt for more reliable and stable cash-flowing businesses. However, there is one 'meme' stock that did not suffer similar downturns that others in the Reddit space did.GameStop GME, once a favorite among retail investors, has declined by as much as 87% from its all-time high price of $120.75 per share in January 2021.
The stock has held a tight channel for all of 2023, and its first-quarter earnings results may bring about some change.
