Why GameStop Shares Are Trading Lower By Over 22%? Here Are Other Stocks Moving In Friday's Mid-Day Session

Author: Avi Kapoor | June 07, 2024 01:07pm

Shares of GameStop Corp. (NYSE:GME) fell sharply during Friday's session after the company released worse-than-expected first-quarter results before schedule and filed to sell up to 75 million shares.

GameStop released its first-quarter 2024 results early Friday ahead of its scheduled June 11 date. The company reported net sales of $881.8 million, down from $1.237 billion year-over-year. The net sales total missed a consensus estimate of $995.3 million. The company reported a loss of 12 cents per share, missing the estimate of a loss of 9 cents per share, according to data from Benzinga Pro.

GameStop shares dipped 22.5% to $36.07 on Friday.

Here are some other stocks moving in today’s mid-day session.

Gainers

Trinity Place Holdings Inc. (NYSE:TPHS) jumped 165.4% to $0.3220 after declining around 11% on Thursday.
Leafly Holdings, Inc. (NASDAQ:LFLY) shares gained 91.6% to $3.87.
Venus Concept Inc. (NASDAQ:VERO) shares jumped 87.5% to $1.1606 on continued upward momentum after the stock regained Nasdaq compliance.
Asensus Surgical, Inc. (NASDAQ:ASXC) climbed 40.1% to $0.3291 after the company announced it will be acquired by KARL STORZ for $0.35 per share in cash.
Faraday Future Intelligent Electric Inc. (NASDAQ:FFIE) gained 29.3% to $0.7032.
Geron Corporation (NASDAQ:GERN) shares jumped 26% to $4.90 as the company reported the FDA approval of RYTELO™ (imetelstat), a first-in-class telomerase inhibitor, for the treatment of adult patients with lower-risk MDS with transfusion-dependent anemia.
China Liberal Education Holdings Limited (NASDAQ:CLEU) gained 23.4% to $2.4899.
American Oncology Network, Inc. (NASDAQ:AONC) gained 22.6% to $2.0850. American Oncology Network recently announced the opening of Low Country Radiation in Waycross, Georgia.
MAIA Biotechnology, Inc. (NASDAQ:MAIA) rose 21.2% to $4.0249. The company unveiled compelling efficacy data from its Phase 2 THIO-101 clinical trial.
ChromaDex Corporation (NASDAQ:CDXC) gained 19.2% to $3.41 after the company received exclusive FDA Orphan Drug Designation and Rare Pediatric Disease Designation for Nicotinamide Riboside Chloride in the treatment of Ataxia Telangiectasia.
SunPower Corporation (NASDAQ:SPWR) rose 18.8% to $4.11.
Oddity Tech Ltd. (NASDAQ:ODD) gained 18.3% to $43.49 after the company approved a share buyback and raised its Q2 guidance.
Universe Pharmaceuticals INC (NASDAQ:UPC) jumped 14.3% to $2.64
Presto Automation Inc. (NASDAQ:PRST) rose 14.1% to $0.0866 after declining 27% on Thursday.
Yext, Inc. (NYSE:YEXT) gained 14.7% to $5.42. Yext is said to hire investment bankers to explore strategic alternatives, including a sale, Reuters reported.
Argan, Inc. (NYSE:AGX) jumped 11.1% to $76.78 after the company reported better-than-expected first-quarter financial results.
Planet Labs PBC (NYSE:PL) gained 9.6% to $1.9950 following better-than-expected quarterly earnings.
Braze, Inc. (NASDAQ:BRZE) rose 4.2% to $38.32 following better-than-expected first-quarter earnings.

Losers

Biomea Fusion, Inc. (NASDAQ:BMEA) shares dipped 65.6% to $3.87 after the United States Food and Drug Administration (FDA) imposed a full clinical hold on its Phase I/II trials for BMF-219, a diabetes treatment.
Barnes & Noble Education, Inc (NYSE:BNED) fell 35.3% to $0.2101 after the company announced final results of rights offering.
Scinai Immunotherapeutics Ltd. (NASDAQ:SCNI) fell 31.3% to $2.7474. Scinai Immunotherapeutics regained compliance with Nasdaq minimum bid price requirement.
Volcon, Inc. (NASDAQ:VLCN) fell 29.3% to $9.90. Volcon recently announced a 1-for-100 reverse stock split.
Latam Logistic Properties, S.A. (NYSE:LPA) shares fell 26.4% to $34.69 after jumping 49% on Thursday.
Hywin Holdings Ltd. (NYSE:HYW) dipped 24.7% to $0.4670.
MicroAlgo Inc. (NASDAQ:MLGO) shares fell 24.2% to $4.24. MicroAlgo recently announced that it entered into convertible note purchase agreements with certain investors.
Actelis Networks, Inc. (NASDAQ:ASNS) dipped 23% to $1.5101. Actelis announced closing of exercise of warrants for $3 million gross proceeds.
Semtech Corporation (NASDAQ:SMTC) dipped 19.6% to $30.54 after the company announced it has appointed a new President and CEO and reaffirmed Q2 2025 guidance.
Gorilla Technology Group Inc. (NASDAQ:GRRR) fell 19.3% to $4.7699 after announcing a $12 million registered direct offering.
Bright Green Corporation (NASDAQ:BGXX) shares fell 18.7% to $0.2851 after declining around 8% on Thursday.
Seres Therapeutics, Inc. (NASDAQ:MCRB) declined 18.7% to $0.6916. Canaccord Genuity analyst John Newman maintained Seres Therapeutics with a Buy and lowered the price target from $15 to $10.
CEA Industries Inc. (NASDAQ:CEAD) dipped 18% to $6.65.
Oil-Dri Corporation of America (NYSE:ODC) fell 17.3% to $68.57 following third-quarter results.
mF International Limited (NASDAQ:MFI) fell 17.1% to $1.07.
Vail Resorts, Inc. (NYSE:MTN) shares declined 13.6% to $167.50 after the company reported weaker-than-expected results for its third quarter on Thursday.
Samsara Inc. (NYSE:IOT) shares dipped 13.4% to $30.17 after the company reported first-quarter earnings.
Moving iMage Technologies, Inc. (NYSE:MITQ) fell 10.3% to $0.6001 after declining 33% on Thursday. Moving iMage Technologies was recently awarded a multi-million dollar contract.
Novavax, Inc. (NASDAQ:NVAX) declined 10.2% to $17.56.
Sify Technologies Limited (NASDAQ:SIFY) fell 10.1% to $0.8001 as the company announced commencement of its previously announced rights offering.
Harmony Gold Mining Company Limited (NYSE:HMY) fell 9.2% to $8.36. Shares of precious metals companies traded lower amid a decline in gold and silver following US economic data.
Concrete Pumping Holdings, Inc. (NASDAQ:BBCP) shares dipped 8% to $6.93 after posting weaker-than-expected second-quarter results.
Upstart Holdings, Inc. (NASDAQ:UPST) tumbled 8% to $24.75.
American Software, Inc. (NASDAQ:AMSWA) declined 7.5% to $9.55 following quarterly results. B. Riley Securities analyst Zach Cummings maintained American Software with a Buy and lowered the price target from $16 to $14.
DocuSign, Inc. (NASDAQ:DOCU) shares fell 7.4% to $50.57. DocuSign reported better-than-expected earnings for its first quarter and the company’s board also authorized a $1 billion increase to its existing stock repurchase program. The company said it sees second-quarter billings in the range of $715 million to $725 million.
Impinj, Inc. (NASDAQ:PI) fell 7.1% to $153.03.
Gen Digital Inc. (NASDAQ:GEN) declined 5.2% to $24.13 after Morgan Stanley downgraded the stock from Overweight to Equal-Weight and lowered its price target from $28 to $27.