Late Friday, GameStop said it had sold 45 million shares, bringing in slightly more than $933 million.
Stock trading influencer Roaring Kitty — real name Keith Gill — made a sudden return on social media after a three-year silence. Gill dropped from social media in the aftermath of 2021's GameStop (NYSE: GME ) event, where institutional investors who shorted GME suffered major losses after retail investors bought it in droves.
Meme stock GameStop soared nearly 20% in premarket trading on Tuesday after the struggling videogame retailer said it had raised over $900 million from selling its shares during the market rally earlier this month.
When investors thought that the GameStop (NYSE: GME) short-squeeze was over just as it started, GME shares showed signs of potential future gains driven by market speculation, causing more short squeezes, albeit smaller ones.
GameStop shares rose as much as 21% in premarket trading on Tuesday. The company announced Friday that it had made around $933 million from a stock sale.
GameStop Corp.'s stock soared in preopen trade on Monday after the company announced the completion of a previously disclosed, roughly $933.4 million equity offering through the sale of 45 million shares.
GameStop has completed the share offering it launched a week ago in the wake of a stock rally, saying it sold the maximum number of shares it had registered for $933.4 million in proceeds.
GameStop said on Friday it sold up to 45 million shares in an at-the-market share sale program for an aggregate gross proceeds of about $933.4 million, sending its shares up nearly 18% in extended trading.
Meme stocks are back in the big leagues, spurred by the return of Keith Gill, known as ‘Roaring Kitty.' Many of the original meme stock plays, like GameStop (NYSE: GME ) and AMC (NYSE: AMC ), which went parabolic in 2021, soared over 70%.
GameStop (GME) has been one of the stocks most watched by Zacks.com users lately. So, it is worth exploring what lies ahead for the stock.
“Sell in May and go away” is a common adage in investing. It's based on the historical pattern of stocks underperforming from May to October when investors tend to stay on the sidelines.
If you're looking for good news about the popular meme stocks ranked in this article, you'll be hugely disappointed. Barron's reported on May 21 that, according to Investor's Business Daily analysis, investors lost $13 billion on meme stocks in the three trading days after GameStop (NYSE: GME ) hit a $64.83 52-week high on May 14.