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GameStop Corporation (NYSE:GME) shares are trading higher on continued strength Tuesday following a series of catalysts last week. Here's a look at what to know.
What To Know:
According to an SEC filing, GameStop issued an irrevocable notice to terminate its $250 million credit facility with Wells Fargo, effective Aug. 27. The company said its principal sources of liquidity will now be cash from operations and cash on hand.
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GameStop also announced it is converting several locations into retro gaming retailers to put an emphasis on older video game consoles, games and accessories. The company also highlighted the benefits of owning physical video games as opposed to games purchased via digital downloads and stored in a data cloud.
"The classics are back. New retro GameStops are now spawning near you,” GameStop posted on X.
Additionally, the company announced it will release its second-quarter financial results after the closing bell on Sept. 10. According to estimates from Benzinga Pro, analysts expect the company to report losses of 9 cents per share and quarterly revenue of $895.67 million.
GameStop stock is up nearly 11% over the past five days and continues to climb Tuesday despite weakness in the broader markets.
When deciding to hold on to or sell a stock, investors should consider their time horizon, unrealized gains and total return.
Shares of GameStop have increased by 24.54% in the past year. An investor who bought shares of GameStop at the beginning of the year would make a profit of $7.28 per share if they sold it today. The stock has risen 15.98% over the past month, meaning an investor who bought shares on Aug. 1 would see a capital gain of $2.88.
Investors may also consider market dynamics. The Relative Strength Index can be used to indicate whether a stock is overbought or oversold. GameStop stock currently has an RSI of 67.03, indicating neutral conditions.
For access to advanced charting and analysis tools and stock data, check out Benzinga PRO. Try it for free.
GME Price Action: According to Benzinga Pro, GameStop shares are up 1.15% at $23.69 at the time of publication Tuesday.
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Posted In: GME
