GME stock

GameStop (NYSE:GME) stock is taking off on Wednesday after the video game retailer posted a profit in its fourth-quarter earnings report.

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. You can find all of that news at the following links! [first time in two years](https://www.cnbc.com/2023/03/21/gamestop-gme-q4-2022-earnings.html) that GameStop has reported a quarterly profit. In addition to that earnings beat, GameStop also reported revenue of $2.23 billion. The video game retailer stopped providing guidance when the Covid-19 pandemic started and has yet to bring it back to its earnings reports. That’s a massive improvement over its losses per share of 49 cents from the same time last year.

GameStop (GME) stock has advanced more than 55.8%% to $27.50 in Wednesday's premarket with traders euphoric over the video game retailer's first profi.

The author makes no representations as to the accuracy, completeness, or suitability of this information. GBP/USD has declined below 1.2250 after having advanced toward 1.2300 on the back of hot inflation figures from the UK in the European morning. The author has not received compensation for writing this article, other than from FXStreet. The author will not be held responsible for information that is found at the end of links posted on this page. A break above there would mean that bulls had their eye on either the October 31, 2022 high at $35 or the $45 to $50 range that has put an end to the last two major rallies that took place in March and August of 2022. It also does not guarantee that this information is of a timely nature. This region held a lot of strength and saw plenty of volume between September and December of 2022. On an adjusted basis, this came to $0.16 a share, which the complete opposite of Wall Street consensus at $-0.13. GameStop has been hurt by the trend of video games moving from physical discs to online downloads through gaming consoles. The excitement has even spread to AMC entertainment (AMC), which has seen its shares jump more than 9% in the premarket as well. This pushed SGA costs from 24% of revenue to 20% of revenue. GameStop (GME) stock has advanced more than 55.8%% to $27.50 in Wednesday's premarket with traders euphoric over the video game retailer's first profitable quarter in two years.

Shares of Richard Branson's Virgin Orbit Holdings soared on a report it is nearing a $200 million investment deal, rescuing it from potential bankruptcy.

[First Republic](/quotes/FRC/) — Shares of the regional bank fell by 4.2% in premarket trading after jumping nearly 30% in Tuesday's session. [Nike](/quotes/NKE/) — Nike dipped about 1.1% before the bell even after it beat expectations for its fiscal third quarter on both the top and bottom lines. [Petco Health and Wellness](/quotes/WOOF/) — The stock fell by 7.8% in early morning trading after the company reported fourth-quarter earnings that missed Wall Street's expectations. [Virgin Orbit Holdings](/quotes/VORB/) — Shares of billionaire Richard Branson's rocket builder soared by nearly 73.3% after [Reuters reported](https://www.reuters.com/markets/deals/virgin-orbit-talks-raise-200-mln-matthew-brown-term-sheet-2023-03-22/) it is aiming to close a deal for a $200 million investment from Texas-based venture capital investor Matthew Brown via a private share placement. [Luminar Technologies](/quotes/LAZR/) — Shares dropped nearly 9.2% after being downgraded by Goldman Sachs to sell from neutral. The video game retailer's gross margin also rose from the year-earlier period.

Everyone's favorite meme stock is having a resurgence this week after the video-game-retailer posted quarterly profit.

Back in January 2021, the stock briefly hit a high of $120.75, according to data from Yahoo Finance. Since then, the stock price has plummeted as meme stocks have gone out of fashion. The company is considering stocking toys and other high-margin products in its stores. And it was for the all-important holiday quarter in which investors had hoped that parents would rush out to GameStop locations to get presents for under the tree. In other words, the company turned things around massively when comparing its holiday 2022 and holiday 2021 quarters. It’s game on for GameStop shares this morning.

Video game retailer GameStop Corp (US:GME) stock is up 40% in Wednesday's premarket trading following yesterday's results announcement of fourth-quarter of ...

[Fintel’s Fund Sentiment Score of 30.80](https://fintel.io/so/us/gme?utm_source=nasdaq.com&utm_medium=referral&utm_campaign=gamestop-posts-fourth-quarter-surprise-profit-pushing-shares-50-higher-after-hours-14) is bearish on the company based on its below average levels of buying activity. [Fintel’s options data](https://fintel.io/sopt/us/gme?utm_source=nasdaq.com&utm_medium=referral&utm_campaign=gamestop-posts-fourth-quarter-surprise-profit-pushing-shares-50-higher-after-hours-14) on GME noticed strong bearish trades by investors before the release. Efforts to reduce inventory continued with $682.9 million recorded on the balance sheet, down from $915.0 million in the prior year. The net profit equated to earnings per share of 16 cents, faring much better than analyst forecasts for a loss of 15 cents per share. Hardware and accessories posted 4.5% sales growth over the year to $1.243 billion. The sales number was slightly ahead of consensus forecasts of around $2.180 billion. [Fintel’s consensus target price of $12.90](https://fintel.io/sfo/us/gme?utm_source=nasdaq.com&utm_medium=referral&utm_campaign=gamestop-posts-fourth-quarter-surprise-profit-pushing-shares-50-higher-after-hours-14) is bearish on the outlook for the company, suggesting the stock could fall more than 20% this year. Collectibles sales rose 12.1% to $313.2 million. Analysts in the market do not foresee the company to generate sales growth in the coming year as shown on the forward revenue estimate chart to the right. [Fintel's Short Squeeze Score](https://fintel.io/ss/us/gme?utm_source=nasdaq.com&utm_medium=referral&utm_campaign=gamestop-posts-fourth-quarter-surprise-profit-pushing-shares-50-higher-after-hours-14) of 70.80 is bullish on the likelyhood that a squeeze is going to occur, ranking GME in the top 20% out of 4,890 screened stock candidates. [US:GME](https://fintel.io/so/us/gme?utm_source=nasdaq.com&utm_medium=referral&utm_campaign=gamestop-posts-fourth-quarter-surprise-profit-pushing-shares-50-higher-after-hours-14)) stock is up 40% in Wednesday's premarket trading following yesterday's results announcement of [fourth-quarter of 2022](https://investor.gamestop.com/news-releases/news-release-details/gamestop-reports-fourth-quarter-and-fiscal-year-2022-results). In the fourth quarter, GME reported a 1.2% decline in net sales to $2.226 billion from $2.254 billion in 2021.

GameStop Corp (NYSE: GME) shares are soaring Wednesday after the company turned in a profitable quarter for the first time in two years.

The positive earnings surprise marks the first time GameStop has reported a profitable quarter since 2021, according to [Benzinga Pro](https://benzinga.grsm.io/gxjhpowx7zks). It appears some of Wednesday's move is a result of short sellers exiting their positions. [Benzinga Pro](https://benzinga.grsm.io/gxjhpowx7zks). The stock is still pretty heavily shorted with 21.24% of the float currently sold short, according to data from GameStop is trending across various social platforms amid the surge in shares. [first time in two years](https://www.benzinga.com/news/earnings/23/03/31446793/gamestop-q4-earnings-highlights-shares-rocket-higher-on-revenue-eps-beat).

Institutional investment in GameStop remains high as the company reports impressive earnings. Here are the top shareholders in GME stock.

[GME](https://investorplace.com/stock-quotes/gme-stock-quote/)) — and for [meme stocks](https://investorplace.com/stock-types/meme-stocks/) in general. BlackRock added 1.02 million shares in Q4 2022. On the date of publication, Samuel O’Brient did not hold (either directly or indirectly) any positions in the securities mentioned in this article. [data from WhaleWisdom](https://whalewisdom.com/stock/gme), the number of funds holding GME stock — 242 — hasn’t changed since the previous quarter. - RC Ventures: 36.40 million shares. However, the number of 13F shares has jumped from 78.40 million to 85.12 million. The few that do aren’t generally too positive, either. It’s worth noting that most Wall Street analysts don’t cover GameStop due to its meme stock status. The video game retailer stopped providing guidance when the Covid-19 pandemic started and has yet to bring it back to its earnings reports. But it has certainly been enough to push GME stock up, although shares have lost some momentum since this morning. As InvestorPlace contributor William White reports, the company posted its [first quarterly profit](https://investorplace.com/2023/03/why-is-gamestop-gme-stock-up-48-today/) in two years and surpassed Wall Street expectations for EPS. Of course, that isn’t quite where the company’s revenue stood in Q4 2021.

Meme stock GameStop Corp jumped nearly 40% on Wednesday as the video game retailer's first profitable quarter in two years squeezed bearish investors and ...

ET, among the top five most traded U.S. [(KOSS.O)](https://www.reuters.com/companies/KOSS.O) climbed 6.8%, and the Roundhill MEME ETF [(MEME.P)](https://www.reuters.com/companies/MEME.P) rose 0.5%. GameStop was the second most traded U.S. A number of those names were up on Wednesday. [Carvana Co](/business/autos-transportation/carvana-expects-core-loss-narrow-q1-2023-03-22/) [(CVNA.N)](https://www.reuters.com/companies/CVNA.N) - rose 11% after the used-car retailer said it expects a smaller core loss in the current quarter. [The Thomson Reuters Trust Principles.](https://www.thomsonreuters.com/en/about-us/trust-principles.html) Register for free to Reuters and know the full story The stock hit its highest level in more than four months with 54 million shares changing hands by 1:32 p.m. [(AMC.N)](https://www.reuters.com/companies/AMC.N) and several other names were at the heart of a meme-stock frenzy in 2021, which was driven by small investors coordinating on social media. stock among retail traders, according to J.P. [surprised Wall Street analysts](/technology/gamestop-beats-quarterly-revenue-estimates-turns-profit-2023-03-21/) on Tuesday evening by reporting strong profits in the fourth quarter, thanks to a 16% drop in costs. [(GME.N)](https://www.reuters.com/companies/GME.N) surged nearly 41% on Wednesday as the video game retailer's first profitable quarter in two years squeezed bearish investors and sparked off a rally in other stocks popular among retail traders.

The videogame retailer's shares were on track for their best day since 2021 after the firm reported a surprise quarterly profit.

GameStop stock (ticker: GME) was up 41% at $24.91 in morning trading, paring some gains seen before the market opened. [ ](https://www.barrons.com/market-data/stocks/amc)

Activist investor Ryan Cohen has not sold a single share of meme stock GameStop (GME) since he first took exposure in 2020. The investor's RC Ventures ...

The contrarian investor picked up a large position in Bed Bath & Beyond for $15 and change, only to sell the stock and options for $178 million, according to reports. Retail investors dominate the interest in these stocks. Through a change in the terms to purchase convertible preferred stock issued in February, BBBY will be able to seek an additional $100 million until April, for a total of $460 million. Meme stocks are speculative plays, known for high levels of unpredictability because they can rally or crash in any market, and at any time. Earlier this month, the stock got the vote to do a reverse stock split and convert its preferred APE shares into common shares. Cohen is reportedly pushing for more buybacks at the Chinese e-commerce giant. A similar number of investors voted to pass the 10-for-1 reverse split. It then spiked more than 30% to 30.06 in March 2022, with frenzied buying after Ryan Cohen bought a 9.8% stake. But the vote went through on the originally-scheduled date of March 14. The meme stock surged Wednesday, gapping up above its 50-day line. As a result, the video game retailer grew an investor fan base in late 2020 and became a meme play. The retailer also reported its first profitable quarter in two years, earning 16 cents per share.

GME stock is soaring after Gamestop reported a surprise Q4 profit. The move into the black seems to have been achieved with cost cutting.

On the date of publication, Larry Ramer did not hold (either directly or indirectly) any positions in the securities mentioned in this article. In contrast, the SG&A drop was likely triggered mainly by the massive layoffs that GME had undertaken recently. Still, with the company Instead, the company’s [GME](https://investorplace.com/stock-quotes/gme-stock-quote/)) stock soared 50% in early morning trading. The firm’s revenue actually dropped slightly compared to the same period a year earlier.

Yahoo Finance Live anchors Julie Hyman and Brad Smith discuss the surge in stock for GameStop and how it's affecting meme stocks.