These stocks ripped even higher than GameStop in the meme rally
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 17 2024
0mins
Source: Yahoo Finance
- Meme Stock Craze Continues: GameStop and AMC are not the only stocks involved; smaller meme-related equities like Faraday Future, Crown ElectroKinetics, Greenwave Technology Solutions, SunPower, and MicroCloud Hologram are also soaring.
- Faraday Future's Surge: EV-related startup Faraday Future gained 122% on Friday and is set to gain 7,900% for the week, with high short interest driving the rally.
- Other Stocks on the Rise: Crown ElectroKinetics is up over 70%, Greenwave Technology Solutions up more than 500%, SunPower up 29%, and MicroCloud Hologram up 6% by the end of the week.
- Market Sentiment and Analysts' Views: Analysts predict a short-lived trend in meme stock trades as sentiment reaches extremes, indicating a potential market pullback.
- GameStop and AMC Performance: GameStop fell about 30% after announcing new stock sales and lower sales figures, while AMC is expected to close the week up 54%.
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Analyst Views on GME
About GME
GameStop Corp. offers games and entertainment products through its stores and ecommerce platforms. The Company operates in four geographic segments: United States, Canada, Australia and Europe. Each segment consists primarily of retail operations, with the significant majority focused on games, entertainment products and technology. The Company has a total of approximately 3,203 stores across all of its segments: 2,325 in the United States, 193 in Canada, 374 in Australia, and 311 in Europe. Its stores and ecommerce sites operate primarily under the names GameStop, EB Games and Micromania. Its Australia and Europe segments also include 38 pop culture-themed stores selling collectibles, apparel, gadgets, electronics, toys and other retail products for technology enthusiasts and general consumers in international markets operating under the Zing Pop Culture brand. Its retail stores are generally located in strip centers, shopping malls and pedestrian areas.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
GameStop Considers Acquiring Retail Company to Revive Business
- Acquisition Strategy: GameStop CEO Ryan Cohen stated in a Wall Street Journal interview that the company is considering acquiring a retail firm to leverage its growing cash reserves, aiming to revive the business and boost stock prices by reducing its physical store footprint.
- Shareholder Confidence: Noted investor Michael Burry expressed support for Cohen's acquisition strategy, revealing a long position in GameStop and suggesting the company should consider spending over $10 billion to acquire a quality business for long-term transformation.
- Financial Performance: GameStop's stock declined 36% in 2025, although it has risen nearly 14% in early 2024, yet investors remain cautious about the company's turnaround amid weakening core business and store closures.
- Market Sentiment: Despite challenges, GameStop's cost-cutting measures, expansion into new areas, and a cash reserve that includes nearly 5,000 bitcoins are viewed positively, with the stock trending among the top five tickers on Stocktwits and receiving an 'extremely bullish' sentiment rating, indicating market optimism for its future.
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GameStop Plans to Acquire Undervalued Consumer Company
- Acquisition Plan: GameStop is planning to acquire an undervalued publicly traded consumer company that is significantly larger than itself, indicating its ambition to expand its business.
- Market Reaction: This move could prompt a reassessment of GameStop's future growth potential in the market, particularly as it transitions into a diversified retailer.
- Strategic Significance: Through this acquisition, GameStop aims to strengthen its market position in the consumer goods sector, enhancing brand influence and attracting more consumers.
- Financial Impact: While specific financial details have not been disclosed, a successful acquisition could significantly improve GameStop's revenue structure and profitability.
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