GameStop shares make biggest gain since December ahead of fourth-quarter results
By James Rogers
Videogame retailer and original meme stock GameStop reports fourth-quarter results after market close Tuesday
GameStop Corp.'s stock had its best day in more than three months Monday, ahead of its quarterly earnings report.
GameStop (GME) ended Monday's session up 15.4%, registering its largest daily percentage increase since Dec. 13, 2023, when it gained 9.7%, according to Dow Jones Market data. The videogame retailer and original meme stock will report fourth-quarter results after market close Tuesday.
Analysts surveyed by FactSet expect GameStop to report fourth-quarter earnings of 30 cents a share and revenue of $2.05 billion.
GameStop shares rallied in December ahead of the company's fiscal third-quarter earnings report, but fell earlier this year. The stock is down 13.8% in 2024, compared with the S&P 500 index's SPX 2024 gain of 9.4%.
Related: GameStop shares register biggest decline in two months
At $15.12, the company's shares also registered their highest close since March 15, when they closed at $14.24. Short interest as a percentage of GameStop's public float of shares is 22.71%, according to the latest exchange data.
GameStop's market capitalization is now $4 billion, a far cry from the company's meme-stock heyday in 2021, when its cap surpassed $17 billion. The stock is down more than 82% from its all-time closing high of $86.88 on Jan. 27, 2021.
The company saw major leadership changes last year. GameStop fired CEO Matthew Furlong in June and announced that its board had elected activist investor Ryan Cohen as executive chair. Cohen was named CEO in late September, the latest chapter in his attempt to breathe new life into the company.
Related: This is what we can expect to see from meme stocks in 2024
Shares of fellow original meme stock AMC Entertainment Holdings Inc. (AMC) ended Monday's session up 0.3%.
-James Rogers
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03-25-24 1816ET
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