Perhaps the most notorious of the meme stocks, video game retailer GameStop (GME) turned in its earnings report on Wednesday. Pressure on its primary model, increasingly poisonous public relations, and a market that seems to be investing in the company only to annoy hedge funds, combine to make me extremely bearish on GameStop overall. GameStop was perhaps the first meme stock, a company investors flocked to as the result of social media plans to take advantage of stocks that were heavily shorted. GameStop had spent most of the last three years struggling gamely to stay in the two-digit price range.
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GameStop (NYSE:GME)
Historical Stock Chart
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GameStop (NYSE:GME)
Historical Stock Chart
From Dec 2020 to Dec 2021 Click Here for more GameStop Charts.