GameStop Stock Surges on Stock Split and NFT Hype: Don't Be Fooled
Shares of GameStop (NYSE: GME) tumbled along with the broader market in the first half of 2022, sinking nearly 18%. That added to a 31% drop for the prominent meme stock in the second half of 2021.
However, GameStop stock has made a comeback in July, gaining 15% in the first half of this month, largely due to investor enthusiasm about a planned stock split and the launch of the company's long-awaited NFT marketplace. But investors shouldn't be fooled by this rally. GameStop still looks like a dreadful investment.
Nearly all of GameStop stock's July gains came on a single day: July 7. The previous afternoon, GameStop announced a four-for-one stock split that will go into effect later this month.
Source Fool.com
