GameStop cashes in $1 billion

By: Miguel A. Rodriguez

18:14, 28 June 2021

After at the beginning of June impressed markets with its fiscal Q1 2021 figures, the company came once again in the spotlight

GameStop – Reddit’s favorite meme stock – jumped after announcing the completion of at-the-market equity offering program that was initially disclosed on June 9. The video game retailer said it sold 5 million shares, raising $ 1.13 billion in capital to boost growth, with money being used for general corporate purposes and maintaining a solid balance sheet.

The move marks the second stock sale conducted by GameStop since it became famous on Reddit’s WallStreetBets forum. The company sold 3.5 million additional shares in April when it raised $551 million.

Earlier this month, GameStop reported revenues of $1.28 billion, topping the $1.16 billion consensus.

After the news hit the wires, the company’s stock price traded 10% higher, rallying over 1,000% since the beginning of 2021.

Find out here more about GameStop quarterly performance!


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This information/research prepared by Miguel A. Rodriguez does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. The research analyst primarily responsible for the content of this research report, in part or in whole, certifies that the views about the companies and their securities expressed in this report accurately reflect his/her personal views and consequently any person acting on it does so entirely at their own risk.The research provided does not constitute the views of KW Investments Ltd nor is it an invitation to invest with KW Investments Ltd. The research analyst also certifies that no part of his/her compensation was, is, or will be, directly, or indirectly, related to specific recommendations or views expressed in this report.The research analyst in not employed by KW Investments Ltd. You are encouraged to seek advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit that conforms to your specific investment objectives, financial situation, or particular financial needs before making a commitment to invest. The laws of the Republic of Seychelles shall govern any claim relating to or arising from the contents of the information/ research provided.