At writing, GameStop Corp. (NYSE: GME) stock is trading near $240 per share, an increase of more than 500% off of its February lows. And while it’s still one of the most shorted stocks on Wall Street, there is positive news driving the latest moves.
Yesterday, the company announced Ryan Cohen will join GameStop to lead its e-commerce team. Cohen founded Chewy.com, which he sold to Petsmart for $3.35 billion. He was named to Fortune magazine’s 40 under 40 list in 2019.
This stock did receive an analyst upgrade of sorts. Michael Pachter, an analyst from the investment firm Wedbush Securities, doubled his price target from $2.50 to $5, which is still nearly a 50% discount from today’s price.
And despite many restrictions being lifted around the country, Pachter wrote, it’s “tough to get positive here, despite rising industry optimism,” as per TheStreet.
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