Why GameStop Stock Is Down 30% This Year
GameStop (NYSE: GME) became one of the market's hottest meme stocks last year amid an unprecedented Reddit-driven short squeeze. Its stock skyrocketed to a split-adjusted all-time high of $86.88 on Jan. 27, 2021 -- which represented a 1,740% gain from the beginning of that month.
But today, GameStop's stock trades at about $25. It lost its luster as rising rates drove investors away from speculative meme stocks, and both the bulls and bears seemed to lose interest in the retailer -- even after it tried to generate fresh buzz with a 4-for-1 stock split and the launch of an NFT (non-fungible token) marketplace in July.
Here are four reasons GameStop lost over 30% of its value this year. Could it ever become a viable long-term investment?
Source Fool.com
