Home Equities Score GameStop Corp. (GME) stock started the week with a bang

GameStop Corp. (GME) stock started the week with a bang

GameStop Corp. (GME) shares gained 9.22% to trade at $184.5 in after-market on Monday, April 26, 2021. Earlier, GME’s stock surged 11.74% to close Monday’s session at $168.93. GME shares have soared 3441.51% over the last 12 months, and they have moved up by 2.77% in the past week. Over the past three months, the stock has gained 119.99%, while over the past six months, it has risen 1033.00%.

Let’s have a look at its recent developments

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Completing equity offer program (ATM)

On April 26, 2021, GameStop Corp announced that it has completed its previously announced equity offering program (the ATM Offering).

on April 5, 2021, GameStop offered a maximum of 3,500,000shares of its common stock to sell from time to time through the ATM Offering. now it has sold those shares and earned gross proceeds of approximately $551,000,000.

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Gamestop Corp CEO Resignation and Roaring Kitty in action

Gamestop Corp chief executive George Sherman will leave the company this summer with $179 million in his pocket.

Earlier, the company confirmed that the Sherman would step down by July 31.GameStop is looking for a new CEO to work on its e-commerce transition with chairman Ryan Cohen.

“Roaring Kitty,” the self-named Reddit user who helped fuel the surge in GameStop’s stock price this year grabbed more shares by exercising call options.

On April 17, 2021, “Roaring Kitty” exercised call options on the stock to acquire 50,000 more shares at a strike price of $12, according to Bloomberg.

The key figure “Roaring Kitty” original name is Gill and he has 200,000 shares in the company, the report said.

Financial results announcement

On March 23, 2021, GME reported its financial results for the fourth quarter and the fiscal year ended January 30, 2021.

Fourth Quarter Financial Highlights

  • GME net sales for the reported quarter were $2.122 billion, compared to $2.194 billion in 4Q 2019.
  • The gross margin declined 610 basis points compared to the same quarter in 2019 and was 21.1% for the reported quarter.
  • The company reduced its selling, general and administrative expenses from $511.7 million to $419.1 million for the reported quarter.
  • GME net income was $80.5 million, or $1.19 per diluted share compared to diluted earnings per share of $0.32 in the fiscal 2019 fourth quarter. Adjusted net income was $90.7 million or $1.34 per diluted share for the reported quarter.

Full-Year Financial Highlights

  • The GME net sales were $5.090 billion for the year 2020, compared to $6.466 billion in fiscal 2019
  • For the year 2020, the gross margin was 24.7% with a decline of 480 basis points compared to the prior year.
  • GME spent $1.514 billion in selling, general and administrative expenses compared to $1.923 billion from the prior year.
  • The company suffered an adjusted net loss of $138.8 million or $2.14 per diluted share compared to an adjusted net income of $19.1 million or $0.22 per diluted share in fiscal 2019.
  • The company suffered a net loss of $215.3million, or $3.31 per diluted share compared to a net loss of $470.9 million, or $5.38 per diluted share in the prior fiscal year.
  • GME had $635 million in cash and restricted cash compared to $513.5 million in cash and restricted cash in the prior year, as of January 30, 2021.

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Conclusion

The GME stock surging on Monday came after GME confirmed that it has sold its shares previously offered. We can see it continuing its momentum on Tuesday.

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