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GameStop: the incredible non-courtable stock

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GameStop GME,
-2.35%
could be the non-broker stock.

Shares of the Texas-based video game retailer fell more than 10% at opening Monday after the company said it had the option to sell up to 3.5 million shares of its common stock. in a close future. But as was the case with the stock OG meme, the legion of devoted GameStops fans on social media and no-charge trading platforms began to buy as the price fell, briefly pushing the shares into the green by midday. before closing the day down only 2.4%.

Lily: Reddit trading guru Keith Gill appears to have won over $ 25 million on his GameStop bet

The company’s decision to use new shares to raise capital was expected, but the possibility that GameStop shares could be diluted after weeks of trading well above Wall Street analysts ‘estimates played into investors’ thesis. institutions that bypassed action, creating the philosophical war between hedge funds and retail traders that has gripped the market for months.

See: Will individual investors stick around after the mind-blowing spike in equity trading?

Retail traders took to Reddit on Monday to praise GameStops ‘latest move even as its stock price fell, pointing to the fact that GameStops’ repository includes language that it will stop any news. stock offer if it raises $ 1 billion.

Already poised to push the stock back to January’s highest nosebleed at nearly $ 350 a share, the Redditors have jumped on a new strategy to have their cake and eat it too, without any dilution of the shares.

3.5 million shares, with a fixed cap of $ 1 billion in total inflow of capital, one user postulated on the Reddit r / Superstonk board. This means that if the price is pushed above $ 285,714 / share, less than 3.5 million new shares are released.

GameStop is going to profit from greedy hedge funds, another posted.

GameStop shares climbed 16% in two hours of trading as this new strategy took hold, with some users saying the early morning shortcut simply offered them a discount on the action.

A Wall Street analyst agreed.

That’s the definition of insanity, said Wedbushs Michael Pachter. The shorts keep doing the same thing over and over and expecting a different result, and now the [Reddit] guys understand. They say as long as you keep hedging, keep buying.

Pachter now sees GameStop as the existential battleground between retail vendors and the street.

When the shorts drop that, they’ll start trading on fundamentals, Pachter said of GameStop. The best operational retailers are making 5% operating profit, which will be very difficult for GameStop, but if they only raise $ 700 million in a small offering, their value has already increased.

The retail crowd seems to agree.

I mean, we can just * buy * the 3.5 million shares before the hedge funds get their hands on them, a Reddit user posted on Monday.

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