- Pieces rose by more than 6% in the past 24 hours.
- Chairman made some new stock investments.
- New launch may extend the rally.
Ryan Cohen, the Chairman of GameStop (NYSE: GME), has racked up a stake in Alibaba Group (NYSE: BABA) and is pushing the business giant to increase and pace up share buybacks. The stake in the e-commerce firm is worth hundreds of millions of dollars and was said to be accumulated in the second half of the last year.
Cohen felt Alibaba’s shares were undervalued then and thought the company could reach double-digit sales growth along with 20% free cash flow growth over five years. Ryan said earlier that he wanted to find more undervalued companies to invest in and discover that can be managed better and push them to be dynamic.
In the coming times
The GME stock prices are anticipated to jump mountains with the scheduled launches of various games in 2023. With Star Wars Jedi: Survivor planned to be launched on March 17, 2023, the price rally may mark a new high as the fans will rush to get the collectibles.
The march may witness several rockets as the prices may leap further for the release of Resident Evil 4 on March 23, 2023. It’s one of the best and most iconic games series of all-time
Before correcting, The rally may face another blow as Hogwarts Legacy is scheduled for April. The game will let the players revisit the world of Harry Potter.
According to the recent leak by Call of duty data miners, the much-awaited season 2 for Modern Warfare 2 and Warzone 2 might get delayed by a few days. It can mean the GME stock might have to reschedule a price rocket to when the launch is set to happen.
As of now, the price upsurge can be attributed to the release of the new Spider-Man game. Gamers may take advantage of the new Spider-Man Remastered bundle to give a first playthrough.
Source: https://www.thecoinrepublic.com/2023/01/18/gme-stock-may-hit-the-spot-varied-factors-wave-the-prices/