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GameStop Corp. pushed toward a $10 billion market cap Friday, which would be the first time it hit that level in more than a month, even as the videogame retailer’s stock gains settled down a bit from the week before.
GameStop GME, +5.22% shares traded up as much as 14% and down as much as 4% on Friday, and were last up 5% at $139.50. The stock-price threshold for a $10 billion market cap is $143.37, based on just under 69.8 million shares outstanding. The last time the stock closed above that price was Feb. 1, following its all-time high closing price of $347.51 on Jan. 27, and all-time intraday high of $483.00 on Jan. 28, according to FactSet data.
The stock was poised for a weekly gain of about 35%, which would be down from the prior week but would still be the eighth best weekly gain in the stock’s history — with 400% being the best back in late January. The four best weekly gains for the stock occurred between a six-week period in 2021, as investors targeted the stock en masse.
Last week was the stock’s second best week ever, and one analyst charted a strong correlation between the volume of chatter on Reddit’s WallStreetBets forum and GameStop’s share price. Since January, buy-and-hold social-media organized investors have clashed with Wall Street firms betting against the stock, making GameStop one of the most heavily shorted stocks out there.
Results for GameStop’s fourth quarter, which includes holiday sales, are expected out in late March, following a sneak peek in early January showing that e-commerce sales surged more than 300% but overall sales declined in the holiday season.
With a few hours left in the trading day, volume surpassed 24 million shares, compared with a 10-day average daily volume of 50.3 million and a 52-week average daily volume of 14.4 million.
GameStop shares are up nearly 650% this year alone, and up nearly 3,500% over the past 12 months.
