Video game retailer GameStop on Tuesday announced that it anticipates closing a "significant number" of stores in fiscal 2025 and will invest company cash in bitcoin.
GameStop (GME) shares were up around 14% Wednesday, a day after the retailer released fourth-quarter results and announced the addition of Bitcoin (BTCUSD) to its corporate investment policy.
Madison Mills and Brad Smith take a closer look at the day for Wednesday, March 26, alongside top experts on Morning Brief. The Yahoo Finance team examines GameStop and Dollar Tree earnings reports as investors digest the results.
GME's fiscal fourth-quarter results reflect lower y/y sales. However, the gross margin expands 490 bps to 28.3% in the quarter.
GameStop Corp (NYSE:GME) posted a rare operating profit for the fourth quarter despite a sharp decline in revenue, prompting Wedbush analysts to boost their price target on the video game retailer while repeating their ‘Underperform' rating. “We are raising our price target from $10 to $11.50 to reflect the company's cash balance of approximately $10.50 per share plus $1 in going concern value,” the analysts wrote.
GameStop (NYSE: GME) stock's performance in recent years has been marked by protracted periods of disinterest and relative inactivity, split by brief resurgences reminiscent of the original meme stock craze.
GameStop Corp (NYSE:GME) stock is up 12.6% to trade at $28.60 at last glance, after the company's board approved a plan to use corporate dollars to buy Bitcoin (BTC) as pat of its investment strategy.
S&P500 holds gains as strong durable goods data offsets recession fears. GameStop surges on crypto plans, boosting US indices today.
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GameStop jumped on Wednesday as the shares that were once at the center of "meme stock" trading frenzy caught investor attention again with the video game retailer making its move into cryptocurrencies.
GameStop Corp (NYSE:GME) shares are up 13% premarket on Wednesday after the company announced plans to invest in bitcoin. The board unanimously approved an update to its investment policy, allowing the video game retailer to hold Bitcoin as a treasury reserve asset.