Shares in GameStop rallied today after the stock surpassed $ 200 for the first time since March after an announcement that the company invested in NFT.
Infamous video game retailer GameStop he’s back in the news thanks to his incredibly successful rally this week. Shares of GameStop broke $ 200 after two full months into the high $ 100 range, but many feared that they could not rise beyond that, and could even sink further. Fortunately for investors, the exact opposite happened.
GameStop has been incredibly volatile since early 2021. The company’s stock took a wild tumble from around $ 20 to nearly $ 400 at its peak in a matter of weeks. Although the stock plummeted quickly, it has still remained incredibly valued on the stock market. This has resulted in GameStop making big changes to try to retain and even increase its own value in the hopes of saving it from an otherwise safe bankruptcy.
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Today, after starting the week just below its $ 180 resistance point, GameStop shares soared past $ 200 (via Market Clock). The market closed with the stock gaining 16.43% and a closing price of $ 209.43. The company continued to climb another 3% in after-hours trading to $ 216.20 at the time of writing. The price increase appears to be partially dictated by a quiet announcement of GameStop regarding investment in NFT, although a broader announcement has yet to be made.
Whether or not the stock can stay under pressure and continue to skyrocket remains to be seen, but it looks incredibly promising for now. The last time the stock was above $ 200 was just before GameStop’s low earnings call, which sent the stock plummeting and left many wondering if it would ever return to its previous position. After two months, this finally happened, ensuring investors that they can rejoice for now. GameStop is expected to have another earnings call on June 8, which should provide more joy or despair depending on how things go. The last quarter has seen some of the biggest changes at the company in years, so hopefully that brings positive news from the call.
Right now, there’s really no way of knowing what to expect from the future of the stock. Maybe GameStop has some news to share to keep the momentum going this week, but there’s really no telling. Regardless, the fact that GameStop’s largest retail investor is still holding on to its shares and has recently doubled down, despite having a chance to sell, bodes well. The stakes are high, and as long as you can successfully navigate this course, GameStop can live to fight another day.
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