GameStop Corp
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Consumer Discretionary : Specialty Retail | Small Cap Blend
Company profile

GameStop Corp. is focused on offering games, entertainment products and technology through its stores and e-commerce platforms. It operates through four geographic segments: United States, Canada, Australia, and Europe. It offers a range of products in various categories, which include hardware and accessories, software, and collectibles. It offers new and pre-owned gaming platforms from the various console and personal computer (PC) manufacturers, which include the Sony PlayStation 5, Microsoft Xbox Series X, and the Nintendo Switch. Its accessories consist of controllers, gaming headsets, virtual reality products and memory cards. It also sells a variety of in-game digital currency, digital downloadable content (DLC) and full-game downloads. Its Collectibles consist of apparel, toys, trading cards, gadgets, and other retail products and its digital asset wallet and NFT marketplace activities. Its stores and ecommerce sites operate under the names GameStop, EB Games, and Micromania.

Price
Delayed
$16.99
Day's Change
0.2145 (1.28%)
Bid
--
Ask
--
B/A Size
--
Day's High
17.16
Day's Low
16.81
Volume
(Light)

Today's volume of 419,661 shares is on pace to be much lighter than GME's 10-day average volume of 3,064,726 shares.

419,661

Small cap GSI Technology generates meme-like buzz

8:48 am ET May 15, 2023 (MarketWatch)
Print

By James Rogers

Loss-making GSI Technology Inc. is the latest small-cap stock to spark meme-like buzz

Loss-making GSI Technology Inc. is the latest small-cap stock to spark meme-like buzz.

On Friday GSI Technology's (GSIT)stock rose 210.4% to close at a new high of $5.09 on volume of 104.6 million shares, well above its 65-day average of 1.73 million shares. Multiple block trades were placed Friday, representing 6.9% of the float for GSI Technology, according to FactSet.

GSI Technology's stock fell 3.5% in premarket trades Monday and has been attracting attention from users posting on Reddit. The stock is up 194.2% in 2023, compared with the S&P 500 index's gain of 7.4%.

Founded in 1995, GSI Technology designs and develops memory products for the telecommunications and networking industries. The Sunnyvale, California-based company describes itself as a leading provider of Static Random Access Memory (SRAM) semiconductor products.

See Now: Small-cap Chinese stocks spark meme-like buzz

With a market cap of $125.7 million, GSI Technology is relatively small, particularly when compared with meme stock darlings AMC Entertainment Holdings Inc. (AMC) and GameStop Corp. (GME).

During its fiscal third-quarter results in January, GSI Technology reported a net loss of $4.8 million dollars, compared with a $4.6 million loss in the prior year's quarter. The company has reported a net loss for more than a dozen straight quarters. GSI Technology reported third-quarter revenue of $6.4 million, down from $8.1 million in the year-ago quarter. In a statement, the company's CEO Lee-Lean Shu said third-quarter revenue was impacted by "the uncertain outlook for the global economy."

The memory specialist reports fourth-quarter results after market close on Tuesday.

An influential meme stock trader, who goes by the name Obi and participates in the WallStreetBets group on Reddit as Major-Access2321, told MarketWatch that he sees meme-like parallels between GSI Technology and Top Financial Group Ltd. (TOP). The Hong Kong-based trading firm's stock skyrocketed more than 890% last month, before pulling back.

Related: After TOP Financial's surge, influential meme-stock trader looks for next big opportunity

GSI Technology is "set up" like Top Financial was before a recent short cover wave, Obi, told MarketWatch. The meme stock trader has over 29,000 subscribers to his Making Easy Money YouTube channel.

Covering occurs when a person with a short position buys back the shares, ending the short trade and returning the shares to the seller. A short squeeze occurs when many investors start buying a stock at the same time in an attempt to cover short positions.

-James Rogers

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

	

(END) Dow Jones Newswires

May 15, 2023 08:48 ET (12:48 GMT)

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