GameStop's stock has been all over the place in 2021 as the Reddit-fueled meme stock mania continues into June. Six months of this volatility has some shareholders running for the hills, but the ones left standing are true "diamond hands." Those intrepid investors and traders will get a double dose of actual information about GameStop on June 9, as the company announced today that they will release their Q1 earnings results on that day. Earlier on the same day, GameStop's Annual Shareholder Meeting will take place. Expectations for these two events are reaching a fever pitch, so let's break down exactly when everything is going down.
When is the GameStop (GME) Q1 2021 Earnings Release date and time?
GameStop (GME) announced today that they will report their Q1 2021 earnings results after the close of market trading on June 9, 2021. The company will also host an earnings results conference call at 5:00 PM ET on the same day. GameStop did not have a Q&A session during their most recent conference call, and that seems to be the case again as they state in the investor relations press release that the purpose of the call is to "review the company's financial results."
The call will be hosted on their investor relations website and folks will also be able to call into toll-free 877-451-6152 with confirmation code 13720011 to listen in.
When is the GameStop (GME) Annual Shareholders Meeting?
It's important to note that the GameStop Annual Shareholder Meeting is set to take place on the same day as the Q1 2021 earnings release. This is not very common, but the meeting will occur in the morning at 10:00 a.m CT and end fifteen minutes later at 10:15 a.m CT. The meeting is closed to the media, an requires shareholders to provide proof of ownership to attend. Outgoing GameStop CEO George Sherman will be in attendance in-person at the meeting with the remaining board members attending virtually.
There are three proposals to be voted on at the meeting:
- Election of the Board of Directors
- Provide an advisory, non-binding vote on the compensation of GameStop's named executive officers.
- Ratify GameStop's Audit Committee's appointment of Deloitte & Touche LLP as their independent registered public accounting firm for their fiscal year ending January 29, 2022.
Shareholders not attending the meeting in-person have to get their votes in by June 8, 2021 at 11:59 p.m ET to meet the deadline to have their vote counted.
Many unrepentent GameStop (GME) bulls having been pointing to the Annual Shareholders Meeting as a positive catalyst for the company as the hope is for Chewy cofounder and billionaire Ryan Cohen to be elected to the Board of Directors. It is also entirely possible that Ryan will be named CEO on June 9 as well. Shareholder meetings are usually nonevents when it comes to share price movements, so it remains to be seen exactly what will come from the event in the morning of June 9.
More interesting will be the way the stock reacts to the Q1 2021 earnings release. Shares tanked on the last quarterly announcement, as much of the stock's price appreciation isn't really grounded in fundamentals of the underlying company. It remains to be seen if GameStop can actually surprise Wall Street with solid numbers or if that even matters anymore.
Regardless of what happens on June 9, there appears to be a large group of shareholders in these meme stocks who are not interested in selling. Those folks will most likely dig in their heels if the GameStop doesn't go to the moon next week, but we have already seen the kind of pain that can happen from holding the bag as meme stocks reverse course. Earlier this year, GameStop shares fell from $483/share to $38.50/share in a two week period. Food for thought for investors who are expecting fireworks next week.
This article is only meant for educational purposes, and should not be taken as investment advice. Please consider your own investment time horizon, risk tolerance, and consult with a financial advisor before acting on this information.