- The stock price of GameStop Corp. (NYSE: GME) increased by 82.9% this past week as it went from $19.41 on January 11 to $35.50 today. This is why it happened.
The stock price of GameStop Corp. (NYSE: GME) increased by 82.9% as it went from $19.41 on January 11 to $35.50 today. The biggest triggers for the stock price increase this week has to do with several activist investors joining the board and the company also seeing favorable holiday sales.
This week, GameStop made an agreement with RC Ventures to add 3 of the investor’s nominees to the board, including Alan Attal, Ryan Cohen, and Jim Grube. Cohen is known as being the founder of Chewy.com. Chewy.com is known as one of the most successful pet supply e-commerce services. So the expertise brought by Cohen could be transformative for GameStop.
GameStop also reported that it saw a quadrupling of e-commerce sales during the nine-week holiday shopping season. The e-commerce sales year-to-date for GameStop hit $1.35 billion, which exceeded a $1 billion target for the company.
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.
