Is GameStop Now Prepping For A Massive Rally Soon?
Is GameStop now preparing for a massive rally soon? Friday’s trading volume surged more than 5x its average movement.
Shares of the gaming retailer surged by nearly 12% — now up more than 31% this year-to-date.
The increase in trading volume suggests an increase in GME stock interest from buyers bullish on GameStop.
The company recently reported having more than $4 billion in free cash on hand, a new high record.
Friday’s trading session brought in more than 61.5 million in trading volume, up more than 5x its average trading volume of 11.9 million.
Investors were able to move GameStop’s share price based on heavy volume; however, there is a big implication here — its dark pool orders.
Much of GameStop’s price is currently being suppressed outside the lit exchange, which means there is a big demand for the stock.
@whiterabbit741 shared a post on X, formerly known as Twitter, displaying an alarming amount of dark pool feeds.
“GUYSSSSS!!! HOLY S–T LOOK AT ALL THE GME DARK POOL ORDERS $GME #GME #GAMESTOP”.
“THERES A BIG 883k AND 660k ORDER HOLY F–K!!!! AND SOME OTHER BIG ONES”.
For years now, retail investors have urged the SEC to lift the suppression of stocks heavily manipulated by these loopholes.
Dark pool trading has risen substantially since Gary Gensler was appointed Chair of the Securities and Exchange Commission (SEC) in April of 2021 by President Joe Biden.
Gary Gensler announced exclusively on Bloomberg that 90-95% of retail orders don’t go through the lit exchange.
The SEC Commissioner says these orders are rerouted to dark pools rather than the NYSE.
There’s no doubt something is brewing with GameStop again — will GME stock skyrocket soon?
I’d love to hear what you think.
Leave your thoughts below.
Also Read: NYSE Is Now Reporting A GameStop Price Glitch
Other GameStop News Today
GameStop now reports a whopping $4 billion cash on hand for the quarter ending July 31, 2024, breaking record from any other year.
The increase in reported cash on hand has grown significantly since 2020 when the retailer’s lowest reporting was only $500 million, per MacroTrends.
Cash on hand can be defined as cash deposits at financial institutions that can immediately be withdrawn at any time, and investments maturing in one year or less that are highly liquid and therefore regarded as cash equivalents and reported with or near cash line items.
GameStop’s cash on hand for the quarter ending July 31, 2024 was $4.204B, a 251.9% increase year-over-year.
The company recently announced that it is transforming some of its stores into “GameStop Retro” locations, focusing on older consoles and games for nostalgic players.
In an announcement on X, the company highlighted several iconic consoles, such as the Wii and Xbox 360, which have been overshadowed by newer models like the Nintendo Switch and Xbox Series X.
These retro locations will also offer a selection of classic games from popular franchises, including Pokémon, Mario Kart, Halo, and Grand Theft Auto.
GameStop has not disclosed how many stores will be designated as retro locations or whether this initiative will be a permanent change or a temporary promotion.
GameStop has implemented a retro store locator on its website to help customers find these spots.
Users can click “Find A Retro Store” and enter their ZIP code to find nearby locations under their specified radius.
The new GameStop retro stores will sell a variety of consoles including:
- Nintendo DS
- Wii
- Wii U
- Super Nintento Entertainment System
- Nintento Entertainment System
- Nintendo 64
- Nintento Gamecube
- Game Boy
- Game Boy Advance
- Play Station
- PS2 (Play Station 2)
- PS3 (Play Station 3)
- PS Vita (PlayStation Vita)
- SEGA Genesis
- SEGA Saturn
- Dreamcast
- Xbox
- Xbox 360
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Also Read: “The Game is Rigged”, Says Ex-Citadel Data Scientist
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