GameStop Corp. pushed a market capitalization of $ 10 billion on Friday, the first time it has reached that level in more than a month, even though the video game retailer’s share profit declined slightly from the previous week.
GameStop GME,
Shares traded up 14% on Friday and up 4% on Friday and last rose 5% to $ 139.50. The share price threshold for a market capitalization of $ 10 billion is $ 143.37, based on just under 69.8 million outstanding shares. The last time the stock closed above that price was February 1, after its daily high closing price of $ 347.51 on January 27, and an intraday high of $ 483.00 on January 28, according to FactSet data.
The stock was ready with a weekly profit of around 35%, which would be lower than the previous week, but would still be the eighth best weekly profit in the history of the stock, with 400% being the best at the end of January. The four best weekly gains for the stock occurred between a six-week period in 2021 as investors targeted the stocks en masse.
Last week was the second best week ever on the stock, and one analyst showed a strong correlation between the volume chats on the WallStreetBets forum of Reddit and the share price of GameStop. Since January, buy-and-hold investors have been organizing on social media with Wall Street businesses betting on the stock, and GameStop being one of the heaviest stocks out there.
The result for GameStop’s fourth quarter, which includes holiday sales, is expected to be at the end of March, after a preview at the beginning of January which shows that e-commerce sales have risen by more than 300%, but that total sales decreased during the holiday season.
With a few hours left on the trading day, the volume exceeded 24 million shares, compared to an average daily volume of 50.3 million and an average daily volume of 14.4 million in 52 weeks.
GameStop shares have risen nearly 650% this year alone and nearly 3,500% over the past 12 months. The S&P 500 Index SPX,
increased by 0.3% in 2021 and by 24.6% in the past year.