Investors and analysts are apparently feeling more confident about GameStop’s future, as the company’s share price rallied on the stock market this week after the retailer announced its holiday sales report and appointed three new members to its board of directors.
As you can see in the chart below, GameStop’s share price is surging–up by more than 80% at one point on Wednesday–to reach around $36 per share. That’s up dramatically from the end of 2019 when the company was trading at about half of that.
GameStop stock is up over 80% today.
Ended last year at under 19 bucks. Now trading intra-day around $36.
Mainly due to a board refresh, despite mixed holidays sales.
Still, I’m hesitant on underlying fundamentals & direction. Reads like temporary optimism to me. pic.twitter.com/sLjFmzQOOp
— Dom (@DomsPlaying) January 13, 2021
The share price increase comes just days after GameStop announced sales of $1.77 billion for the nine-week holiday period, a modest decrease of 3 percent. However, comparable store sales rose by 4.8% and digital sales at GameStop surged by more than 300 percent.