Home Top Movers GameStop Corp. (GME) stock is Popping High today: Why is it so?

GameStop Corp. (GME) stock is Popping High today: Why is it so?

Shares of the GameStop Corp. (GME) stock were popping high today on May 26, 2021, despite no company-specific news today. GME stock price saw a push of 15.04% to reach $240.80 a share at the time of this writing. GME stock closed with a $209.43 per share price and its trading volume was 14,746,800 on May 25, 2021. Let’s deep dive to explore more of it.

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What’s Happening?

GameStop Corp is an online and offline platform that provides games and entertainment products in many countries. There is no announcement by GME stock to justify its rising stock price. It seems that GME stock was pushed by the retail traders in online trading forums yesterday which resulted in the trading of GME stock higher than the average volume. The GME stock was calm for more than a month as its closing price of 209.43 on May 25, 2021, was the first that surpassed 200$ since March 19.

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Peter Hillerberg, co-founder of Ortex predicted more increase in the GME stock price due to buying back of GME stock shares by short position holders due to a sharp increase in the GME stock price. If this happens then it would further increase the demand which would ultimately increase the per-share price.

Gamestop and some other popular stocks got momentum in recent times while on the other hand, cryptocurrencies like BitCoin and ether experienced a broad sell-off in recent times. GME stock is up by 46.5% than the lowest close in this month so far while BitCoin and Ether have experienced a downtrend of 35% and 42% respectively for this month.

Financial View of GME stock:

GME stock is expected to announce its earnings results on June 08, 202. The date is derived from the GME’s historical reporting dates. In the previous quarter, GME stock posted $1.34 earnings per share as compared to $1.46 per share, projected by Zacks which means an 8.22% surprise.

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Conclusion:

The short squeeze happened after the GME stock became a favorite among the retail traders in online trading forums. Previously this happened in the first month of 2021. The overall position of any stock can’t be realized by short-term fluctuations. So, it is better to research deeply about the company’s fundamentals, balance sheet, developments, and expected future growth before making any decision.

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