GameStop may cash in on Reddit rally with share sale – News 24-7 Live News 24-7 Live
GameStop may cash in on Reddit rally with share sale

GameStop may cash in on Reddit rally with share sale

Shares of the brick-and-mortar retailer gyrated after hours and were last down around 14%, adding to a loss of over 6% during the regular trading session.GameStop Corp said on Tuesday it may sell new shares as the U.S. video game retailer that led the Reddit rally of “meme stocks” looks to take advantage of a more-than-800% surge in its stock price since January.

Shares of the brick-and-mortar retailer gyrated after hours and were last down around 14%, adding to a loss of over 6% during the regular trading session.GameStop commented on the potential share offering in a regulatory filing for fourth-quarter earnings which showed a return to profitability, with 175% growth in e-commerce sales.The company reported a dip in quarterly net sales, which missed analysts’ expectations, and a decline in gross margins.

News Source: Hindustan times

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