GameStop Corp. (GME), which was previously in the spotlight during the meme stock frenzy, has recently appointed renowned activist investor, Ryan Cohen, as Chief Executive Officer. A sterling name in the industry, Cohen is recognized for his keynote investments in a slew of firms, one of which was the now-bankrupt Bed Bath & Beyond.
Shortly after his appointment, he announced plans to revitalize GME's struggling business model. Notwithstanding the brief surge during the meme stock phenomenon, GME’s shares have substantially depreciated. Witnessing a steady downtrend, the final trading figure signified a downtrend, closing the last trading session at $14.60, lower than its 50-day moving average of $18.70 and the 200-day moving average of $20.63.
