Friday, July 30, 2021

GameStop Corp. (GME) Stock Still Riding the Rollercoaster, Up 19%

GameStop Corp. (GME) stock prices are up nearly 19%, hovering around the USD$167 mark on April 14th, 2021. GME stock has been perhaps the most popularized stock recently over its rollercoaster ride when it was pumped by an online community of retail investors at the expense of commercial investors hoping to short the stock.


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What is GME doing to Stay Afloat?

GME stock prices have enjoyed a favorable upswing as of late, following the announcement that the company is taking steps to retire almost the entirety of its debt. This is a part of GME’s plan to move its brick-and-mortar retail presence onto an e-commerce marketplace. Capitalising on the largely arbitrary surge in value, GME is using the funds generated to pay off more than USD$200 million in debt, despite it not being due until 2023. ­­

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Earlier in April of 2021, GME announced its plan to put up as many as USD$1 billion in additional shares for sale. The combination of being almost entirely free of its debt obligations and the extra cash cushioning means GME has much more flexibility in how they proceed.

“Meme” Stock?

Quite the confounding stock recently, GME has a beta value of a mind-bogging minus-26, the absolute lowest among companies with a market cap greater than USD$2 billion. Given how skewed its statistics are, its very unlikely that this beta value will translate into massive gains should the market fail overall.

What’s Next for Gamestop?

GME has been given a miraculous second chance in the Reddit-fueled short squeeze of its stock that drove GME stock prices up by upwards of 800%. They are in a secure financial position with a massive media focus, yet many investors argue that what GME needs now is a change in leadership. The current CEO, despite his extensive merits and experience, has not been able to fully capitalize on recent developments. Ryan Cohen, Chewy co-founder and activist investor, has been actively involved with the turnaround GME is trying to implement. GME recently announced him as a candidate for Chairman of its board of directors.

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