GameStop Corp. (NYSE: GME) released its first quarterly earnings report since the stock surged from less than $20 per share to more than $500 in January. The stock took center stage as several related stories played out.
GME closed the day at $181.75, declining more than 6.5% on the day.
The share price surged above $198 in earnings, the shorts got nervous. On May 13, they all started covering their positions. The stock ran from .50 to almost . In after-hours trading, gaining as much as 9% after the report release.
The earnings report adds another chapter to the months-long, dramatic saga surrounding GameStop and its stock.
Eventually, the price of GME stock collapsed and has failed to recapture its earlier highs.
But some investors still believe in a bullish case for the stock as the company reorganizes its leadership.
- In early February, GameStop appointed Matt Francis, a former Amazon Web Services engineering leader, to the newly-created role of chief technology officer.
- In late February, GameStop CFO Jim Bell resigned.
- Today, Reuters reported that GameStop’s chief customer officer (CCO) Frank Hamlin is stepping down on March 31.
- Earlier this month, GameStop announced that Ryan Cohen, founder of Chewy.com, will join the company to lead its e-commerce team.
GME’s share price has risen after each announced change in leadership.
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