Michael Pachter, Wedbush managing director of equity research, joins ‘Power Lunch’ to discuss his new $29 price target, GameStop’s earnings call earlier this week and what’s next for GameStop. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi
GameStop snapped a five-day losing streak with a significant surge on Thursday, as shares of the video game retailer rose more than 50% and showed that their wild swings are not yet over.
The stock slumped 33% in the prior session after the company reported disappointing fourth-quarter results and failed to give in-depth detail about its turnaround plans. GameStop also disclosed that it was considering selling more stock.
That was the fifth-straight negative day for the name after closing near $210 per share on March 17. The stock rose 52.7% to close at $183.75 on Thursday.
There was no apparent news driving Thursday’s price action. GameStop has been the most high-profile “meme stock,” which are popular among retail traders on Reddit and other social media platforms.
GameStop famously rocketed above $400 per share in January before dropping roughly 90% in less than a month.
Other popular Reddit trades also bounced higher on Thursday, with Koss climbing 57% and AMC Entertainment gaining 21%.
GameStop is a traditional brick-and-mortar retailer that is attempting to pivot into e-commerce, led in part by board member and Chewy co-founder Ryan Cohen. Most recently, the company hired Jenna Owens, a former Amazon and Google executive, as its new chief operating officer.
The company, which has largely been quiet about the violent gyrations in its stock price this year, has seen several executive roles turn over as it gears up for its transition.
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No one wants to buy digital games and loose out on the option of trading the game.
Bitcoin is the feature investing in it now is the wisest thing to do now especially the current rise
I am a fan of micheal pachter
GME is a great company. It provides real-life game experience. I would name their number 1 selling game now: Apes crushing Hedgies.
DIAMOND HANDS!! 💎💎 APES STRONG TOGETHER!! CNBC isn’t even hiding they are deep in citadels pockets.
Next week should be very interesting 🚀✌️
Lol! Sherman worth 400 million. Why hasn't he sold? He wants to be a billionaire soon, that's why…