[ad_1]
Shares of GameStop Corp. ended Monday’s session down 8.6%, with the stock registering its biggest daily percentage decline in two months.
Monday’s decline was the largest since Dec. 5, 2023, when the stock fell 12.2%, Dow Jones Market Data show.
The video-game retailer and original meme stock has seen its shares slide recently. GameStop’s
GME,
market capitalization is now $4.5 billion, a far cry from the company’s meme-stock heyday in 2021, when its cap surpassed $17 billion.
GameStop shares rallied in December ahead of the company’s fiscal third-quarter earnings report, but have now fallen 43.6% over the last 52 weeks, compared with the S&P 500 index’s
SPX
gain of 20.4% in that time. Short interest as a percentage of GameStop’s public float of shares is 22.6%, according to the latest exchange data.
The company saw major leadership changes last year. GameStop fired CEO Matthew Furlong in June and said that its board had elected activist investor Ryan Cohen as executive chair. Cohen was named CEO in late September, the latest chapter in his attempt to breathe new life into the company.
Shares of fellow original meme stock AMC Entertainment Holdings Inc.
AMC,
also ended Monday’s session down, falling 8.5% to hit an all-time closing low of $3.67.
Related:
This is what we can expect to see from meme stocks in 2024
GameStop shares slide as original meme stock’s struggles continue
Check out On Watch by MarketWatch, a weekly podcast about the financial news we are all watching — and how that’s affecting the economy and your wallet. MarketWatch’s Jeremy Owens trains his eye on what’s driving markets and offers insights that will help you make more informed money decisions. Subscribe on Spotify and Apple.
[ad_2]
Source link
