🥇 First rule of investing? Know when to save! Up to 55% off InvestingPro before BLACK FRIDAYCLAIM SALE

GameStop shares rise for second day as market trends upward

EditorHari Govind
Published 11/16/2023, 09:52 AM
© Pavlo Gonchar / SOPA Images/Sipa via Reuters Connect
US500
-
DJI
-
T
-
AAPL
-
BBY
-
GME
-

NEW YORK - GameStop Corp . Cl A (NYSE:GME) experienced a second consecutive day of gains on Wednesday, climbing 2.87% to close at $13.27. This uptick occurred in a broader market where the S&P 500 Index edged up by 0.16% to settle at 4,502.88, and the Dow Jones Industrial Average saw a 0.47% increase to end at 34,991.21.

Despite the recent gains, GameStop's stock is notably below its 52-week high of $28.70, which was recorded on November 18th, marking a $15.43 difference from its current price.

The trading volume for GameStop on Wednesday was reported at 4.1 million shares, surpassing its 50-day average trading volume of 3.4 million shares.

In comparison to GameStop's performance, stocks of some competitors in the technology and retail sectors showed mixed results. Apple Inc. (NASDAQ:AAPL) saw a modest increase of 0.30%, closing at $188.01, while AT&T Inc. (NYSE:T) rose by 0.83% to $15.76. Best Buy Co. Inc. (NYSE:NYSE:BBY), another retailer, had a notable gain of 3.61%, ending the day at $68.88.

The positive movement in GameStop's stock comes amidst a general uptick in the market, with investors possibly reacting to various macroeconomic factors influencing market sentiment and individual stock performances within the sector.

InvestingPro Insights

As we delve deeper into GameStop's financials, InvestingPro data reveals an adjusted market cap of $4050M. The P/E ratio stands at -40.40, indicating the stock's price relative to its earnings. The company's revenue for the last twelve months as of Q2 2024 was $5813.7M, with a gross profit of $1384.6M, which translates to a gross profit margin of 23.82%. Despite these figures, the company has not been profitable over the last twelve months.

InvestingPro Tips highlight that GameStop holds more cash than debt on its balance sheet and its liquid assets exceed short term obligations, which signifies a healthy financial position. However, the stock price has fallen significantly over the last year and the company does not pay dividends to shareholders. Analysts also do not anticipate the company will be profitable this year.

For more in-depth insights and tips, consider exploring the InvestingPro product that includes additional tips. Currently, there are 12 additional tips listed for GameStop on InvestingPro.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.