It’s no secret at this point that GameStop (GME) stock is one of the most volatile and interesting stocks out there right now. Its value soared from $2 USD a share in 2020 to over $340 a share in 2021 at one point. It has never reached that high again yet, but it still continues to be stock worth watching throughout the investing community. Today, for instance, saw one of the highest amounts of GameStop stock move in the company’s history, with over 24 million shares changing hands by the time the market closed.
This massive movement could be seen throughout the day of March 23, 2022 as traders continued to move massive amounts of GameStop stock shares until the market closed at 1 p.m. PT / 4 p.m. ET. By the end of the day, over 24 million shares of GameStop had changed hands, representing the most the company has ever seen its stock move in one day in 2022, the most it has traded since March/April 2021, and representing approximately an entire third of the total GameStop shares available in the market.
There are a number of factors that could have contributed to this. For one, GameStop Chair of the Board Ryan Cohen and his RC Ventures company were seen to have bought over 100,000 shares of GamesStop stock just one day ago, creating a large amount of buzz around the company in the wake of Cohen’s company seizing an overall 11.9 percent share of the company’s total stock. This follows a downturn on the stock where it drifted to $80 a share following recent reporting that it was unable to turn a profit on the 2021 holiday season, contributing to a major earnings-per-share miss in its Q4 2021 earnings results report. However, many took this as a buying opportunity.
With GameStop stock now at $141 per share as of today’s close, the massive trading day has only served to drive the value of GME further up. It remains to be seen if we’ll see trading like today’s more than 24 million shares again anytime soon, but one thing is for sure. There is still exuberant life in GameStop’s stock and it doesn’t seem to be going away anytime soon. Stay tuned as we continue to cover GameStop and other stock updates here at Shacknews.
TJ Denzer posted a new article, Over 24 million GameStop (GME) shares were traded today
GME $141.00 (14.50%) +17.86 Today