GameStop Corp. (GME) disclosed Thursday that South-Korea-based MUST Asset Management Inc., a former large shareholder, no longer holds any shares of the videogame and consumer electronics retailer. The stock sale comes after GameStop's stock soared 788% amid a five-day win streak through Wednesday, as it became a poster child for the recent trading frenzy in which individual investors targeting heavily shorted shares (link). MUST was GameStop's ninth largest shareholder, according to FactSet data, as it held 3.3 million shares, or about 4.7% of the shares outstanding. MUST's 3.3 million-share holding was disclosed before the March 20, 2020 open; at the time it represented 5.0% of the shares outstanding. The stock closed March 19, 2020 at $4.19, which would value the stake at about $13.8 million. With GameStop's stock closing at $347.51 on Wednesday, the value of MUST's stake could have increased by more than $1.1 billion. GameStop's stock, which rose 1.2% in morning trading Thursday, prior to a trading halt for volatility, has soared 2,876.5% over the past three months, while the S&P 500 has gained 16.1%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
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