GameStop Corporation

GME NYSE
GME
GameStop Corporation NYSE
 
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Jun 022022

GamePop or GameStop?

You know the old saying: always leave the party when you’re having the most fun. Well, it seems GameStoppers are considering following that advice if things don’t get better soon.

  • GameStop shares popped nearly 9% in extended trading on Tuesday before paring most of those gains, following a Q1 report that was worse than expected with a LPS of $2.08 on revenues that were up 8% at $1.38bn, though the company said it’s still not comfortable giving guidance yet.
  • Hardware and accessories sales fell over 4% YoY, which is a big deal considering those metrics make up the bulk of the business’ revenue. On the plus side, sales of collectibles rose, and software sales are on the up and up, plus the company brought in $76.9m in proceeds from the sale of digital items. Speaking of which…
  • “Digital assets are core to the future of gaming”, said CEO Matt Furlong as he told investors that GameStop would be investing heavily in its blockchain efforts after launching a crypto wallet in May, though we didn’t get a financial update on the brand’s highly anticipated NFT marketplace.
See all reported financials
Will Buckner / Wikimedia Commons

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May 242022

We Like The NFT

GameStop has launched a wallet so you can store, send and receive NFTs from your browser. Just what you always wanted.

  • Shares in the memestock legend flicked up 3% on news the video game retailer has dropped its latest wheeze – a self-custodial Ethereum wallet for Chrome (with iOS coming soon), which it hopes will fuel interest in its upcoming NFT marketplace.
  • GameStop has partnered with Aussie startup Immutable X to create an NFT emporium in which “billions of low-cost, in-game assets can easily be bought and sold”. It’s due to launch in July.
  • A lot of eggs have been put in this basket though as GME attempts to scramble into the digital space – but NFTs have proved divisive in the gaming community, so who knows whether this is a good idea. And GME is down around 36% so far this year. Best of luck guys.
Gamestop
May 202022

The Game Stops for Melvin

After trying to short GameStop out of existence, it now seems the chicken tenders have finally gone cold for Melvin Capital.

  • How does one topple a $7.8bn hedge fund? Easy – just find a man wearing a bandana to spread the word of a brick and mortar stock heavily undervalued and over-shorted, get a bunch of degenerate apes to buy that stock, and then ensure nobody paper hands until the hedge fund wishes it never had access to its shorting button.
  • Melvin Capital will be shutting down its business, so it seems like the apes actually won. CEO Gabe Plotkin announced that after a nightmare 17 months, Melvin is now “stepping away from managing external capital” and will begin the process of returning investors’ cash. At least 50% will be returned by May 31, and the rest by June 30.
  • The firm lost nearly $7bn by heavily shorting GME in January 2021, losing more than half its value that month. It may have gone under then, had it not been for outsider support. Now apes will turn their heads to Citadel’s Ken Griffin, the Ultimate Degenerate Shorting Boss. But most apes are happy either way – they just Like the Stock.
Ryan / Flickr
Apr 012022

GameStop wants more shares

GameStop wants shareholders to authorize a bunch more shares, and price increases imply they’re keen.

🔍 Key points:

  • The gaming retailer wants to split its stock soon. GameStop plans to ask shareholders to approve the increase of its common stock from 300m to 1bn, partly to conduct a stock split (its first since 2007) in the form of a dividend in future.
  • The company’s shares catapulted 17% in extended trading on Thursday, building on March’s 35% gains – its best month since August. GameStop says it’ll “provide flexibility for future corporate needs”, so investors are hoping it’ll use some of the extra cash to work on its e-commerce transition.
  • Technically speaking, a perfect stock split shouldn’t actually do anything to the underlying value of investors’ holdings. But the resulting lower share price can appear more attractive and accessible to traders, bumping up demand – and therefore value – as a result. Psychology for ya.
Oxiq / Wikimedia Commons
Mar 232022

Retail traders ramp up their enthusiasm

The WallStreetBets crowd is never quiet for long, and share sale news from GameStop sends the whole memestock basket running ahead.

🔍 Key points:

  • GameStop kicked things off by gaining 30% on Tuesday after earning itself top on the trending list. Things seem to have started with a WSB post by Tump4 suggesting the stock was trading at a 58.2% discount. That got people riled up and started the online chatter.
  • The stock extended the rally by 16% afterhours when Chairman Ryan Cohen said he bought over 10k shares of the video game retailer this week, taking his total stake to 11.9%.
  • AMC joined in on the fun to jump over 15% on Tuesday, with over 72m shares changing hands, which is about 164% times its average daily volume. AMC bought a stake in a metal minings company Hycroft (which is a very shorted stock) last week, but that’s the only real news we’ve had from them recently.

So Ryan Cohen buys a chunk of highly shorted $BBBY and then Adam Aaron buys a chunk of highly shorted $HYMC ?

Is that a coincidence? Very unlikely.

My bet? They know that shorty is trapped & running out of time 🦍 #GME #AMC

Mar 182022

Playing a dangerous game

GameStop continues to test its investors’ commitment with an unexpected holiday quarter loss.

🔍 Key points:

  • The stock sank nearly 10% in extended trading on Thursday after the retailer recorded a surprise loss in its holiday quarter despite topping revenue estimates, reporting LPS of $1.86 on revenues of $2.25bn. Prices are down over 40% this year alone, so they needed a win.
  • The video game retailer felt pressure on its margins from ongoing supply chain challenges as well as Omicron, having made the conscious decision to absorb higher costs to meet customer demand. Appaz that side of things could go on for a while so GameStop once again declined to give any guidance, but CEO Matt Furlong has a plan.
  • The brand is in the middle of a massive turnaround plan and is focusing on becoming a “customer-obsessed technology company to delight gamers”. Its move away from brick and mortar is going well, and this quarter will see improvements in its e-commerce efforts, its app, and website. Will it be enough to please the apes?
See all reported financials
Luis Villasmil / Unsplash
Mar 152022

How will investors console themselves after this?

A bearish pre-earnings research note sends GameStop shares plummeting on their worst day of the year.

🔍 Key points:

  • GameStop cratered nearly 16% on Monday to hit its lowest levels since February last year, just after its historic retail trading frenzy.
  • A Wedbush analyst was to blame for this one. Influential voice Michael Pachter reiterated his Underweight recommendation on the stock, as well as his $45 price target – shares closed Monday at around $78, so he’s not feeling confident.
  • It’s not a great prelude to Thursday’s earnings report. Pachter sees “modest” revenue growth this year, arguing that 2021’s short squeeze made the stock “completely disconnected” from its fundamentals. Only time will tell, we guess.
Zdeněk Macháček / Unsplash
Feb 042022

GameStop guns for NFTs

GameStop is trying its damndest to stay relevant in the post meme stock age, and it’s using NFTs to do it.

Key points:
  • It’s launching its own NFT marketplace together with Immutable X, a Layer 2 platform based on the Ethereum blockchain that was chosen because of its carbon neutral environment.
  • It’s also creating a $100m fund with Immutable X dedicated to supporting Web 3 game development in its ecosystem.
  • It wants to bring Web3 to gaming in an effort to keep its momentum as the retail trading frenzy fizzles out. But, it risks the wrath of its hardcore gamer fans that have already expressed anger at the decision, saying NFTs are just a money grab.

Well... I don't know if I should continue purchasing goods at my local gamestop store now... I don't support nfts, in which they're just money laundering, and a environment killer, but I enjoy getting things from gamestop, its a nice store.

Jan 072022

Investors press “Start”. Again

GameStop stock gets a Power Up after the gaming firm adds a new NFT feature.

  • Prices pumped up by 30% in extended trading on Thursday. Investors have been AFK this year so far, with prices hitting a seven month low in intraday trading.
  • GameStop has joined the NFT game. It reportedly has a team of over 20 experts working on an NFT platform and planning a bunch of big crypto partnerships.
  • NFTs could be bigger than Bitcoin, according to Shark Tank legend Kevin O’Leary, who says they hold more potential because they can serve as proof of ownership for physical items.
Zé Ferrari Careto / Unsplash
Jan 062022

Memestock mayhem

Turns out even the online army can turn paperhands (who’d have thought it?), pulling back in the face of tightening monetary policy.

  • Is meme mania in the rearview mirror? GameStop pulled back 13% on Wednesday to its lowest closing price since March, and AMC (AMC) and Bed Bath & Beyond (BBBY) both fell 10%.
  • Retail investors are dumping speculative investments after the Fed announced an accelerated tapering timeline.
  • Memestocks are struggling to stay relevant following their parabolic 2021 gains, and if Q3 earnings from GameStop and AMC (AMC) are anything to go by, there’s a lot of work still to be done.
Illustration by TradingView
Dec 292021

“Calling all creators”

The time has finally come. Gamestop has put out the call for NFT applications from developers. Are you ready?

  • Looks like the Gamestop NFT marketplace is really happening. The company has updated its website, allowing users to submit requests to become NFT creators.
  • There’s not much more info out there, so we still don’t know how it’s going to work – or whether, as rumored, Loopring will be the platform.
  • The application form is pretty detailed though, suggesting that it might not be an “open to all” platform like OpenSea or Rarible.
SIMON LEE / Unsplash
Dec 142021

Meme stock misery

An agitated market sees investors flock to safer bets, sending meme stocks stumbling on Monday.

  • GameStop lost nearly 14% to hit its lowest point since March, and AMC (AMC) tumbled over 15% to levels unseen since its massive May short squeeze.
  • A Bloomberg-tracked list of 37 retail trading faves dropped 5.5% on Monday to its lowest point in seven months, after losing a quarter of its value in the last three weeks alone.
  • Wednesday’s Fed meeting is making people nervous. It’s expected to speed up its tapering timeline and investors are ditching risky bets before that happens.
Illustration by TradingView
Dec 092021

Investors hit pause

GameStop is running out of lives after reporting disappointing Q3 earnings.

  • Prices tumbled 4% after hours, erasing any efforts to rebound from the eight-day sell off that took shares to a four-month low last week Friday.
  • Q3 was mixed. Revenue of $1.3bn was up 30% y-o-y and beat expectations of $1.19bn, but $1.39 in losses per share came in much wider than the $0.58 expected.
  • Its inventory reached $1.14bn compared to $861m the same time last year as it worked to get ahead of supply chain shortages and fill holiday demand.
  • It’s committed to crypto. CEO Matt Furlong confirmed it’s exploring the world of Web3, NFTs, and blockchain tech.
  • The SEC is sniffing around. GameStop got a subpoena from the SEC regarding its trading activity in August.
  • Investors wanted more of a game plan going forward in the place of official guidance.
See all reported financials
Illustration by TradingView
Nov 222021

A constitutional showdown

Memestock villain Ken Griffin outbids the crypto community for a rare copy of the U.S. constitution, and GameStop gets to enjoy the outcry.

  • GameStop lifted 9% on Friday as the online army fought back at Citadel’s Griffin – who became a popular villain after unfounded allegations he colluded with Robinhood to freeze the trading of some stocks during January’s memestock mania.
  • ConstitutionDAO is a consortium of crypto investors who got together on Twitter to form a decentralized autonomous organization (DAO) with no leader that crowdsourced over $40m worth of Ether from over 17K online contributors to buy a first edition copy of the U.S. constitution in Sotheby’s recent online auction.
  • Griffin won the auction, but the group definitely made him pay for it, by bidding up the price to $43.2m. And Gamestock benefited, as people bought GME stock in “anti-Griffin” solidarity.

ok it is a little past midnight and we have now raised 40 MILLION DOLLARS to buy this constitution

today has been absolutely incredible, but its time for me to slep

see you all in the morning, we tweet at dawn [CHIRPBIRDICON]🌞 #wagbtc

Nov 092021

Meme stocks make the Fed nervous

Meme stocks are a social game, but the Fed says it’s too risky to have a market so dependent on sentiment.

✍️ Meme stocks are a threat to the whole financial system according to the Federal Reserve’s biannual financial stability report.
🤳 Social media can be an “echo chamber” where retail investors just reaffirm each other’s biased perspectives. Uh, no kidding. Do you reckon the Fed has a Wallstreetbets account?
📈 Fee-free trading platforms are risky business and the Fed wants to regulate them further to protect young people from jumping in too hard and risking too much.
Nov 042021

GME rides the rumor mill

Heard of Loopring yet? You have now. Gamestop is (apparently) upscaling its NFT plans with a new crypto partnership that sent both symbols soaring.

• Redditors revealed rumors this week that Ethereum-based crypto Loopring could be behind GME’s new NFT platform.
Loopring jumped 40% on Tuesday and is up almost 100% for the week so far, while Gamestop has gained over 18% since Monday.
• It’s all been very hush hush since GameStop started ramping up its NFT efforts, so fans are hungry for gossip.
Cash Macanaya / Unsplash
Nov 022021

GME leads a memestock revival

We haven't heard much from meme stock mania recently, but Monday saw the retail fan faves make a comeback, with GameStop leading the way with a pop of 14%.

GameStop closed at its highest price since mid-September on Monday as retail traders jumped into the OG meme stocks. GameStop popped up over 14% in day-trading before closing up 9% just above $200 on the back of the over 3.9 million shares that changed hands on Monday, which is more than double any day over the last two weeks. GameStop chairman also added fuel to the fan fire when he tweeted “MGGA” on Monday, which people took to mean Make GameStop Great Again.

The market was expecting the stock to take a turn for the worse after COO Jenna Owens, who was hired to help transform the company from brick-and-mortar to digital, left her post after only seven months on the job; but it looks GameStop went soaring instead thanks to an influx of mentions on retail trading platforms like Stocktwits and WallStreetBets. The whole meme stock market joined in on the fun, and the basket of 37 “meme stocks” that Bloomberg follows saw an overall lift of 14% on Monday.

MGGA

Nov 012021

Management shake-up: Bye bye Jenna

Only seven months after being named as GameStop’s Chief Operating Officer, Jenna Owens is stepping down from her position in the first major executive departure since a new Chief Executive was named in June. The previous CEO departed earlier this year after reaching a “separation agreement” with the company, which is the same reason cited for Owens’ departure.
Oct 272021

GameStop calls in the NFT experts

GameStop is diving headfirst into its NFT feature and assembling the best of the best to build the platform, sending prices popping in Tuesday trading.

GameStop has recently unveiled plans for a new NFT marketplace, and given the competitive market at the moment, the company is going all in on making sure it’s top quality. The meme stock is bringing together a team of experts, and social media was scattered with retail trading fans praising the company for the move. Redditor u/Donnybiceps said:

NFT is the future and those who haven’t climbed the GME despite knowing all of these pointers should blame themselves for not thinking it through.
Luke Jones / Unsplash
Oct 192021

The SEC gives meme mania the all clear

The SEC report on January’s meme stock short squeeze is released, having found that the trading activity was above board and suggesting no policy changes on the back of the investigation – yet.

GameStop shares edged higher on Monday after The Securities and Exchange Commission released its highly-anticipated report into the retail trading frenzy that took over Wall Street earlier this year and prompted calls to Capitol Hill to change the way the market is governed. The regulator has been trying to find proof of shady activity for months now, but this report finds that short-selling was not the main reason for the explosion in GameStop’s report – instead, the push was thanks to the nearly 900,000 individual accounts that traded the stock in just one day on January 27, up from just 10,000 at the start of the year.

This report was for exploratory purposes and wasn’t meant to provide policy change suggestions, but those could still be on the way. However, there was some potentially bad news for trading platforms like Robinhood (HOOD), which get revenue through controversial payment for order flow practices. The regulator says that such practices are aiming to turn trading into a game to attract more retail traders. SEC officials said:

Payment for order flow and the incentives it creates may cause broker-dealers to find novel ways to increase customer trading, including through the use of digital engagement practices.