The wild ride of stocks continued Thursday. After cutting a third of its value on Wednesday, the stock rose 53% again to $ 183.75 on Thursday.
The share’s percentage gain (ticker: GME) was the highest since Feb. 24, when it jumped 104%. More than 50.4 million shares were traded Thursday, according to Dow Jones Market Data. That’s 296% of the stock’s five-day average volume and 147% of its 30-day average volume. Closing profit is among the sixth largest percentage increases for
GameStop shares continue to be tied to a web of technical factors such as short selling interest, options activity and demand from retail investors on Reddit, as well as any professional Wall Street trading based on your feedback. Data from short selling analytics firm S3 Partners shows that 8.6 million GameStop shares were recently shorted, about 15.7% of the shares available for trading.
GameStop also added to earnings from other meme stocks
AMC Entertainment Holdings
(AMC), 21% more up to $ 10.94, and
(KOSS), an increase of 57% to $ 25.80. GameStop shares at $ 183.75 are once again above the highest analyst price target listed by FactSet, which is Jefferies analyst Stephanie Wissink at $ 175. She raised her target by 1.066% after the earnings report. The next highest target is Joseph Feldman of Telsey Advisory Group, who lowered his target to $ 30 from $ 33 in the news.
GameStop reported somewhat disappointing earnings results after Tuesday’s close, though that news was coupled with a trio of newly hired executives with e-commerce experience. In a filing with the Securities and Exchange Commission, the company said it was evaluating whether to expand a previously announced $ 100 million market share offering.
Separately in the filing, the company revealed that it expects more directors than previously announced to step down from the board. The company said in January that Lizabeth Dunn, Raúl Fernández, James Symancyk and Kathy Vrabeck were planning to leave, but the new filing states that they are expected to join Reginald Fils-Aimé, Paul Evans, William Simon and Carrie Teffner.
The board members not leaving appear to be Chewy alumni Ryan Cohen, Alan Attal and Jim Grube, as well as CEO George Sherman and activist board member Kurt Wolf. GameStop said earlier this month that Cohen is chairing a committee aimed at transforming the retailer into just another tech company. Attal and Wolf join him on that team.
The company also appears to be selling more computer parts online, a business that some analysts have asked the retailer to target more aggressively. Regardless, with its valuation still well above historical ranges, the bar is high for what would be a historic turnaround.