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Shares of GameStop Corp. rose 5.2% Monday, as the video-game retailer and original meme-stock darling resumed its recent rally.
GameStop
GME,
shares were on pace for their best one-day performance since Dec. 13 when they rose 9.7%, Dow Jones market data show. The stock, which is at $18.24, is also on pace for its highest close since Sept. 7, 2023, when it closed at $18.89, according to Dow Jones market data.
GameStop shares are up for four of the last five days. The stock ended Friday’s session down 1%, snapping a three-day winning streak.
Related: GameStop stock slips after revenue miss, and Ryan Cohen eyes equity investments
GameStop also saw a meme-like rally ahead of its recent fiscal third-quarter earnings.
The company missed analysts’ revenue expectations with its third-quarter results earlier this month, despite coming in better than anticipated on the bottom line. In a filing that accompanied the results, GameStop said that its board of directors has approved the new investment policy, which lets the company invest in equity securities, among other investments. GameStop’s board has given Chairman and Chief Executive Ryan Cohen the authority to manage the investment portfolio, the filing added.
That policy was dubbed “alarming” and “inane” by Wedbush Managing Director Michael Pachter.
Related: This is what we can expect to see from meme stocks in 2024
Shares of fellow original meme stock AMC Entertainment Holdings Inc.
AMC,
rose 0.6% Monday.
GameStop’s stock has fallen 1.6% in 2023, compared with the S&P 500 index’s
SPX
gain of 23.3%.
