GameStop is an video game and gaming merchandise retailer. The company is headquartered in Texas and they operate thousands of stores throught the United States, Canada, Australia, New Zealand and Europe.
Even though they appeared to be on the verge of a bankruptcy I think from now on that's not going to happen anytime soon.
Not long ago Chewy co-founder and former CEO Ryan Cohen joined GameStop's board. Chewy is a big online pet retailer in North America with revenue in billions of dollars. With him on board it could be possible for GameStop to undertake strategic changes and move the business to better tomorrows.
But the GME stock is moving up so rapidly not just from these news, but also because still more than 100% of shares is short. GameStop is the most shorted company in the U.S. stock market.
Friday was really crazy for GameStop.
Its stock opened at 42.59$ and closed almost 50% higher. What's currently happening with the stock price is something called a short squeeze.
This is just a beginning as the stock remains heavily shorted, maybe even more than ever! On the other hand, the company now has enough money not only to survive, but also to further monetize their large retail customer base.
I am pretty excited about what's going to happen.
See you on Monday.