GameStop Corp (NYSE:GME) shares are trading flat Thursday following recent strength. Volatility was sparked over the holiday weekend when “Big Short” investor Michael Burry published 2019 emails exchanged with Keith Gill, also know as “Roaring Kitty.” Here’s what investors need to know.
What To Know: The correspondence revealed Gill's strong support for Burry's buyback thesis, reigniting retail interest. However, market focus is now pivoting from social sentiment to hard fundamentals ahead of next week’s crucial third-quarter earnings report on Dec. 9.
Wall Street is forecasting significant growth, with revenue expected to hit $987 million, up from $860 million in the prior year, and earnings per share projected between 18 cents and 20 cents.
To generate foot traffic before the print, GameStop is launching a “Trade Anything Day” this Saturday, Dec. 6, offering customers store credit for non-traditional trade-ins to highlight its collectibles segment.
Investors now wait to see if next week's financials can justify the renewed hype, specifically looking for signs that the collectibles growth and the release of the Nintendo Switch 2 are offsetting weaknesses in hardware and software sales.
Benzinga Edge Rankings: Benzinga Edge data highlights a complex outlook for the retailer, awarding the stock a near-perfect Growth score of 99.36 while flagging that its price trend remains positive only in the short term, with medium and long-term trends still negative.
GME Price Action: GameStop shares were down 0.37% at $23.13 at the time of publication on Thursday, according to Benzinga Pro data.
The stock’s 52-week range of $19.93 to $35.81 highlights significant volatility, with the current price positioned closer to the lower end of this range. This could suggest that there is potential for upward movement if the stock can break through key resistance levels, particularly the psychological barrier around $25, which may attract more buying interest.
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How To Buy GME Stock
By now you're likely curious about how to participate in the market for GameStop – be it to purchase shares, or even attempt to bet against the company.
Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy “fractional shares,” which allows you to own portions of stock without buying an entire share.
If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to “go short” a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.
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