GameStop Corp. pushed to a $ 10 billion market capitalization on Friday, which would be the first time it had reached that level in more than a month, even as the video game retailer’s stock gains declined slightly from the previous week. .
GameStop GME,
the shares rose as much as 14% and fell as much as 4% on Friday, and lastly rose 5% to $ 139.50. The stock price cap for a $ 10 billion market capitalization is $ 143.37, based on just under 69.8 million outstanding shares. The last time the stock closed above that price was on February 1, after its highest closing price of $ 347.51 on January 27 and the intraday high of $ 483.00 on January 28, according to with data from FactSet.
The stock was positioned for a weekly gain of around 35%, which would decrease from the previous week, but it would still be the eighth best weekly gain in the history of the stock – with 400% being the best at the end of January. The top four weekly earnings for the stock occurred over a six-week period in 2021, when investors targeted the shares en masse.
Last week was the second best week of all stocks, and an analyst drew a strong correlation between the volume of conversation on Reddit’s WallStreetBets forum and GameStop’s share price. Since January, organized social media investors have been buying and keeping clashing with Wall Street companies betting against the stock, making GameStop one of the best-selling stocks on the market.
GameStop’s fourth-quarter results, which include year-end sales, are expected in late March, after a preview in early January, showing that e-commerce sales increased more than 300%, but overall sales fell during the holiday period.
With a few hours remaining on the trading day, the volume exceeded 24 million shares, compared with an average 10-day daily volume of 50.3 million and an average 52-week daily volume of 14.4 million.
GameStop’s shares have risen nearly 650% this year alone, and nearly 3,500% in the past 12 months. The S&P 500 SPX index,
increased 0.3% in 2021 and 24.6% last year.