GameStop (NYSE:GME) stock price hovers around its all-time highs, up over 50% in one month. Can the rally continue?
While GameStop became famous due to retail traders willing to “punish” the short-selling hedge funds, it became more than just a speculative stock. It is one of the most popular meme stocks, but also one that delivered a positive EPS last quarter. Moreover, GameStop’s annual revenue estimates for 2022 and 2023 are projected to exceed $5.4 billion.
The global gaming market is projected to grow by 9.64% CAGR by 2026, thus showing strong potential in the years ahead. GameStop is operating with a gross profit margin of 24.75% and its strong momentum continues.
With volatility lacking in the traditional markets, investors’ interest turned to meme stocks such as GameStop. However, GameStop became more than that, as investors accumulated on dips and now threatens to break to a new all-time high.
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What is GameStop?
GameStop became famous in 2021 when a group of investors organised on Reddit speculated heavily on its share price. However, what appeared to be just a game of speculation turned into the stock price holding close to the highs. GameStop is a specialty retailer that employs over 25,000 people worldwide and has a presence in the United States, Europe, Australia, and Canada. It sells games and entertainment products in approximately five thousand shops worldwide.