In this articleGMEFollow your favorite stocksCREATE FREE ACCOUNTMerchandise lines the shelves of a GameStop store on May 28, 2024 in Miami, Florida. Michael Nagle | Bloomberg | Getty ImagesGameStop raised more than $2 billion in a recent stock sale as the video game company took advantage of a revived meme rally sparked by the return of trader Roaring Kitty.The retailer announced Tuesday evening that it completed an at-the-market equity offering, selling the maximum number of 75 million shares to raise proceeds of $2.14 billion. GameStop said it intends to use the money for general corporate purposes, which may include acquisitions and investments.The stock dipped more than 1% in premarket trading Wednesday. The shares continued their roller-coaster ride this week, up 8% so far.Loading chart…Wedbush GameStop analyst Michael Pachter estimated that the sale had an average share price of $28.50, implying that it coincided with the big sell-off during meme stock leader Roaring Kitty’s Youtube livestream last Friday.GameStop shares dropped 40% on Friday after the company released its earnings report days ahead of schedule, reporting that sales declined 29% in the first quarter.Roaring Kitty, AKA Keith Gill, hosted his first livestream in a few years that day, which seemed to exacerbate the sell off. Gill reiterated his previous investing thesis and offered little new reasoning behind his large stake. He revealed that he did not have any institutional backers and the GameStop positions he had shared in screenshots were his only bets.Pachter has an underperform rating on GameStop and a 12-month price target of $11, which is more than 60% lower than Tuesday’s close of $30.49.Don’t miss these exclusives from CNBC PRONvidia could one day be an unprecedented 15% of the S&P 500, predicts Evercore ISIBeyond the Magnificent 7: Morgan Stanley fund manager says diversify with these 2 stocksGoldman Sachs downplays the Nvidia stock split hype, sees little impactMorningstar calls this ETF the ‘gold standard’ for dividend funds. Here’s why …
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[mwai_chat context=”Let’s have a discussion about this article:nnIn this articleGMEFollow your favorite stocksCREATE FREE ACCOUNTMerchandise lines the shelves of a GameStop store on May 28, 2024 in Miami, Florida. Michael Nagle | Bloomberg | Getty ImagesGameStop raised more than $2 billion in a recent stock sale as the video game company took advantage of a revived meme rally sparked by the return of trader Roaring Kitty.The retailer announced Tuesday evening that it completed an at-the-market equity offering, selling the maximum number of 75 million shares to raise proceeds of $2.14 billion. GameStop said it intends to use the money for general corporate purposes, which may include acquisitions and investments.The stock dipped more than 1% in premarket trading Wednesday. The shares continued their roller-coaster ride this week, up 8% so far.Loading chart…Wedbush GameStop analyst Michael Pachter estimated that the sale had an average share price of $28.50, implying that it coincided with the big sell-off during meme stock leader Roaring Kitty’s Youtube livestream last Friday.GameStop shares dropped 40% on Friday after the company released its earnings report days ahead of schedule, reporting that sales declined 29% in the first quarter.Roaring Kitty, AKA Keith Gill, hosted his first livestream in a few years that day, which seemed to exacerbate the sell off. Gill reiterated his previous investing thesis and offered little new reasoning behind his large stake. He revealed that he did not have any institutional backers and the GameStop positions he had shared in screenshots were his only bets.Pachter has an underperform rating on GameStop and a 12-month price target of $11, which is more than 60% lower than Tuesday’s close of $30.49.Don’t miss these exclusives from CNBC PRONvidia could one day be an unprecedented 15% of the S&P 500, predicts Evercore ISIBeyond the Magnificent 7: Morgan Stanley fund manager says diversify with these 2 stocksGoldman Sachs downplays the Nvidia stock split hype, sees little impactMorningstar calls this ETF the ‘gold standard’ for dividend funds. Here’s why …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]
