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There Is A Lot Of Upside Potential For GameStop Corp.(NYSE: GME)

GameStop Corp. (NYSE:GME) price on Thursday, May 26, rose 11.54% above its previous day’s close as an upside momentum from buyers pushed the stock’s value to $128.46.

A look at the stock’s price movement, the close in the last trading session was $115.17, moving within a range at $114.70 and $148.46. The beta value (5-Year monthly) was -1.52. Turning to its 52-week performance, $344.66 and $77.58 were the 52-week high and 52-week low respectively. Overall, GME moved -1.06% over the past month.

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GameStop Corp.’s market cap currently stands at around $10.17 billion, with investors looking forward to this quarter’s earnings report slated for Mar 21, 2022 – Mar 25, 2022. Analysts project the company’s earnings per share (EPS) to be -$1.45, which has seen fiscal year 2023 EPS growth forecast to increase to -$5.28 and about -$3 for fiscal year 2024. Per the data, EPS growth is expected to be -15.80% for 2022 and 43.20% for the next financial year.

Analysts have a consensus estimate of $1.32 billion for the company’s revenue for the quarter, with a low and high estimate of $1.24 billion and $1.35 billion respectively. Wall Street analysts have also projected the company’s year-on-year revenue for 2023 to grow to $6.26 billion, representing a 4.10% jump on that reported in the last financial year.

Revisions could be used as tool to get short term price movement insight, and for the company that in the past seven days was no upward and no downward review(s). Turning to the stock’s technical picture we see that short term indicators suggest on average that GME is a 50% Sell. On the other hand, the stock is on average a Hold as suggested by medium term indicators while long term indicators are putting the stock in 50% Sell category.

2 analyst(s) have given their forecast ratings for the stock on a scale of 1.00-5.00 for a strong buy to strong sell recommendation. A total of 1 analyst(s) rate the stock as a Hold, 0 recommend GME as a Buy and 0 give it an Overweight rating. Meanwhile, 0 analyst(s) rate the stock as Underweight and 1 say it is a Sell. As such, the average rating for the stock is Underweight which could provide an opportunity for investors keen on increasing their holdings of the company’s stock.

GME’s current price about 22.59% and 0.86% off the 20-day and 50-day simple moving averages respectively. The Relative Strength Index (RSI, 14) currently prints 57.91, while 7-day volatility ratio is 17.32% and 14.20% in the 30-day chart. Further, GameStop Corp. (GME) has a beta value of -0.74, and an average true range (ATR) of 14.31. Analysts have given the company’s stock an average 52-week price target of $69.23, forecast between a low of $30.00 and high of $90.00. Looking at the price targets, the low is 76.65% off current price level while to achieve the yearly target high, price needs to move 29.94%. Nonetheless, investors will most likely welcome a 31.73% jump to $87.70 which is the analysts’ median price.

In the market, a comparison of GameStop Corp. (GME) and its peers suggest the former has performed considerably stronger. Data shows GME’s intraday price has changed 11.54% in last session and -49.45% over the past year. Comparatively, Apple Inc. (AAPL) has moved 2.32% on the day and only 14.77% in the past 12 months. Looking at another peer, we see that AT&T Inc. (T) price has gained 0.09% on the day. However, the stock is -5.22% off its price a year ago. Moreover, Best Buy Co. Inc. (BBY) is also up 2.49% in trading on the day while keeping a a downtrend of -30.55% over the past year. Elsewhere, the overall performance for the S&P 500 and Dow Jones Industrial shows that the indexes are up 1.99% and 1.61% respectively in the last trading.

If we refocus on GameStop Corp. (NYSE:GME), historical trading data shows that trading volumes averaged 4.85 million over the past 10 days and 4.58 million over the past 3 months. The company’s latest data on shares outstanding shows there are 75.90 million shares.

The 15.91% of GameStop Corp.’s shares are in the hands of company insiders while institutional holders own 28.30% of the company’s shares. Also important is the data on short interest which shows that short shares stood at 13.54 million on Apr 28, 2022, giving us a short ratio of 3.23. The data shows that as of Apr 28, 2022 short interest in GameStop Corp. (GME) stood at 17.74% of shares outstanding, with shares short rising to 12.25 million registered in Mar 30, 2022. Current price change has pushed the stock -13.43% YTD, which shows the potential for further growth is there. It is this reason that could see investor optimism for the GME stock continues to rise going into the next quarter.

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