Fidelity now gives GME a ‘bullish’ rating of 7.1 following the company’s sustained gains of more than 33% this year-to-date and reported profits.
A total of 6 independent firm opinions contributed to its rating.
While analysts rating’s are subject to change at any time, the latest GME rating is sparking hope in retail investors who have been holding shares since it’s major rally in 2021.
As of November 3, Fidelity’s GME analyst rating is considered ‘bullish’, scoring 7.1 out of 10.
Its social sentiment remains neutral, scoring a 0.269 per Fidelity’s metrics, provided by LSEG StarMine.
In September, GameStop reported that it had a whopping $4 billion of cash on hand, 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.
This equates to an impressive 251.9% increase year-over-year.
Cash on hand can be defined as cash deposits at financial institutions that can immediately be withdrawn at any time, and investments maturing in one year or less that are highly liquid and therefore regarded as cash equivalents and reported with or near cash line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.
This year, GameStop has announced a number of exciting developments, including it’s latest partnership with PSA, the world’s largest and most trusted trading card authentication grading services, as well as its new classic retro stores.
Another significant chain of events includes the number of institutional buyers that have recently stepped in.
Algert Global LLC has recently acquired a new position in GameStop Corp. (NYSE:GME) during the second quarter, according to its latest filing with the Securities and Exchange Commission (SEC).
The institutional investor purchased 40,626 shares of GameStop, valued at approximately $1,003,000.
Other institutional investors and hedge funds have also made adjustments to their stakes in GameStop.
Cubist Systematic Strategies LLC bought a new position in the company during the second quarter, valued at around $9,577,000.
Renaissance Technologies LLC increased its holdings in GameStop by 34.0%, now owning 1,347,136 shares worth $33,261,000 after acquiring an additional 342,178 shares.
Van ECK Associates Corp raised its stake by 14.2%, bringing its total to 1,689,052 shares valued at $41,702,000 after purchasing an additional 209,861 shares.
Vanguard Group Inc. grew its position by 0.7% in the fourth quarter, now holding 25,450,256 shares valued at $446,143,000 after an additional purchase of 167,145 shares.
Additionally, Tidal Investments LLC significantly increased its stake by 659.6% in the first quarter, now owning 139,723 shares valued at $1,749,000 after acquiring 121,328 more shares.
Overall, institutional investors hold approximately 29.21% of GameStop’s stock.
Are the stars aligning for another massive GameStop rally? Leave your your thoughts below.
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Also Read: NYSE Is Now Reporting A GameStop Price Glitch
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