From CNBC: 2024-06-12 07:41:21

GameStop recently completed an at-the-market equity offering, raising $2.14 billion by selling 75 million shares. Shares dipped over 1% in premarket trading but are up 8% this week. Analysts believe the average share price was $28.50, coinciding with a big sell-off during Roaring Kitty’s livestream. GameStop’s stock plummeted 40% after releasing an earnings report ahead of schedule, with sales down 29% in Q1. Roaring Kitty hosted a livestream after years, providing little new reasoning behind his investment thesis. Analysts have an underperform rating on GameStop with a price target of $11, over 60% lower than the current stock price.

Read more: GameStop raises more than $2 billion by selling 75 million shares, capitalizing on meme frenzy