GameStop Corp stock news: What does GME stand for stocks?

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  • NYSE:GME adds 6.26% on Monday as one of the largest gainers on an otherwise bearish day. 
  • GameStop CEO George Sherman announces he is officially stepping down by July 31st.
  • Redditor and meme stock leader Roaring Kitty doubles down on GameStop and now owns over 200,000 shares.

NYSE:GME has seen the great Reddit short squeeze saga continue as the stock surged on Monday following another significant shuffle in the executive office. GME gained 6.26% during the trading session, to close the day at $164.37, despite the broader markets continuing to sell off during the recent correction. With how volatile the stock has been so far in 2021, the moving averages are completely skewed as the 50-day moving average sits at $181.18 but the 200-day moving average is $72.89. Investors have been guessing from day to day as to which direction GameStop will head, which has had no real correlation to the behavior of the broader markets.

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On Monday, GameStop CEO George Sherman officially announced that he will be stepping down from his position by the end of July. Sherman’s exit is just the latest in a number of executive office shuffles that has been spurred by the arrival of activist investor and founder of Chewy’s (NYSE:CHWY), Ryan Cohen. The belief is that Cohen and his team will use his eCommerce expertise to reverse the fortunes of GameStop, which has fallen out of favor as a brick and mortar retailer of video games.

GME Stock price and chart

One of the leaders of the Reddit attack on Wall Street is Keith Gill otherwise known as Roaring Kitty on Reddit and Twitter. On Friday, Gill exercised 500 call options at a strike price of $12, and now owns over 200,000 shares of GameStop, valued at over $33 million. While Friday may have seemed like it brought some closure to the saga, it seems like Gill and Cohen are just getting started with the next phase of GameStop’s life.