Game Stop stock (NYSE:GME) rose 3.82 percent on Wednesday. After three days of losses, growth stocks rallied on Wednesday as investors awaited the March CPI data. As a result, GME’s stock climbed 3.82 percent and closed the day at $150.40.
Investors ignored March’s record-high inflation figures, leading the market to bounce back. As a result, all three main indexes made a strong comeback, ending the week positively. The Dow gained 344 basis points during the trading period, the S&P 500 increased by 1.12%, and the NASDAQ increased by 2.03 percent.
GameStop investors await the dividend stock split announcement.
There is a lot of interest in the announced stock split at GameStop, and investors are eagerly waiting to hear more about it. Unfortunately, since the announcement made in late March, the company has provided no further news, and some analysts have speculated that GME might become a dividend stock.
As the market has penalized stocks selling at inflated prices in comparison to their underlying value, meme stocks, in particular, have suffered this year. Stock splits have been very popular in the last few months, with companies such as Amazon, Tesla, and Google having all requested shareholder permission for a stock split between March and April. Because of the announcement, they have reached a post-announcement stock price rally. So will GameStop stock fully recover after the stock split? To recover to its earlier levels, it will need to demonstrate sustained growth rather than just a short-term boost in sales.
The consensus price prediction set by the three analysts covering GameStop Corp for the next year is 87.70, with the highest estimate at 90.00 and the lowest at 30.00. Compared to the previous price of $149.5, the consensus estimate reflects a 41.29 percent drop in value.
The Dow Jones today is trading at $34,451 and the Nasdaq at $178.55.
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