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In July 2020, video game retailer GameStop was at its lowest ebb. With its stock price down by 90% at less than $1, the firm looked to be another high street chain fallen victim to an era of e-commerce.
But six months later, everything changed when the Reddit community r/wallstreetbets collectively caused the stock to skyrocket, blindsiding institutional investors who had bet on the retailer’s demise. In what is now known as the GameStop Short Squeeze, the firm’s share price had hit the $80 mark by January 24.
Though the stock saw a sharp drop-off after the event, it still remains around 20% higher than its previous peak at $17, marking something of a revival for the brick and mortar brand.
In this guide, we will address these factors in determining whether GameStop is still a smart bet in 2024, in addition to examining where and how to buy GameStop stock.
Step 1: Find a broker that offers GameStop (GME) stocks. Fill in the application form to create an account.
Step 2: Verify your account by uploading two forms of valid ID.
Step 3: Deposit funds into your account using a debit or credit card, or through a bank transfer. We recommend depositing the minimum amount possible when you first use a platform.
Step 4: Search for GME stock.
Step 5: Click ‘buy’ or ‘trade’. Then, fill out the order form to execute the trade.
GameStop (GME) Stock Price November 2024
What is GameStop?
GameStop has become a major player in the video games industry during its 40 years of existence, buying and selling used and new video games, consoles and accessories at thousands of its retail locations across the globe.
But despite existing since the 1980s, the firm’s most historical moment arrive in January 2021, when a group of retail investors, connected primarily through Reddit’s r/wallstreetbets, collaborated to drive up the stock price and trigger a short squeeze against institutional investors who had bet on the stock’s demise.
The event dragged GameStop out of an exponential decline and into the forefront of financial news across the globe, sparking critical debates around the potential power of retail investors and the role of social media in influencing financial markets.
GameStop (GME) Stock Price 2024
Though the wild success of 2021’s short squeeze appears to have been and gone, GameStop’s stock price still sits at 20% higher than its previous peak at $17. However, 2023 was a year of extreme volatility for the retailer.
The meme stock enjoyed a strong rally at the beginning of the year, surging by 24% before the end of January, before sliding more than 30% to $15.92 by mid-March.
But the release of GameStop’s Q4 2022 results sparked a dramatic recovery, with the stock surging by 50% in less than two weeks as the firm posted its first quarterly profit for the first time in two years.
The second half of the year has been one of decline for GameStop. The stock hit its 2023 peak at $26 in June, before sliding 54% to $12 by November, despite encouraging Q2 2023 results showing an uptick in revenue.
As the end of the year approaches, the stock appears to be recovering once more, up 42% from its year-to-date low in November. Moreover, projections now suggest that GameStop will achieve an earnings per share of 11 cents by January 2024, despite the figure being at $0 in Q3 2023.
Where to buy GameStop (GME) stock in 2024
Gamestop shares can be bought from online brokers that offer US stocks. Before choosing a platform to buy GME from, it is a good idea to spend time researching different available options.
1. Robinhood – Buy GameStop stocks on your phone
Robinhood is a mobile investment platform that can be used to invest in fractional shares of Gamestop from just $1. This makes it a suitable option for beginners or traders who want to diversify their investments.
As well as providing a low investment requirement, Robinhood offers a zero-commission model which covers US stocks, including GME. This means that investors can buy Gamestop with zero fees.
The Robinhood investment app is easy to use and provides a range of educational resources to help users to develop a robust trading strategy.
2. Charles Schwab – Invest in Gamestop with the help of experts
Charles Schwab is a reputable online brokerage firm that was founded in 1971. The platform is catered to long term invetment strategies and offers exception research and educational resources to help users make informed financial decisions.
As well as the good range of educational materials, Charles Schwab provides all users with 1-to-1 investment advice. Users can reach out to professioanls through the platform and gain valuable insight into decisions thyat could potentially benefit their portfolio.
If you’re loooking to invest in GME for the long-term, this coud be the most suitable option for you.
3. Webull – Use MetaTrader 4 to trade Gamestop stock
If you’re an experienced trader looking to implement complex trading strategies, you will need to choose a broker that offers advanced charting tools. One of the best options is Webull, which is compatible with MetaTrader 4.
The platform is our top pick because it charges 0% commissions for Gamestop shares and comes with a free demo account which can be used to practice trading risk-free. Webull also supports leverage trading, which is suitable for experienced traders who want to increase their position size.
Our Verdict on GameStop (GME) Stock in 2024
The 2021 GameStop short squeeze stands as a pivotal moment in financial history, having given rise to a new era of power wielded by the retail investor community. And despite the subsequent volatility, GameStop stock remains significantly above pre-squeeze levels, again highlighting the power of online communities to influence the corporate world.
However, prospective investors must remain wary, keeping in mind that past performance does not indicate future success. With that said, GameStop is displaying continued promise with its impressive initiatives, sales growth and community engagement, suggesting that the stock will remain resilient even after the short-squeeze saga fades into the distance.
As ever, thorough research and a nuanced understanding of the market landscape are crucial for informed decisions in the world of stocks and trading.
GameStop stock FAQs
What is GameStop?
GameStop is an American video game, gaming merchandise, and consumer electronics retailer. It is also the largest video game retailer in the world, with over 4,800 stores worldwide as of January 2021, 3,192 of which are in the US.
Who owns GameStop?
As a publicly-traded company, GameStop is owned by its shareholders, the largest of which is Fidelity Management at this time.
Where is GameStop based?
GameStop is based in the United States, in Grapevine, Texas.
How much stock does GameStop have outstanding?
As of December 2023, GameStop has a total of 305,300,000 shares outstanding.
Sam Alberti has recently joined Trading Platforms as a content editor, having spent the past four years working as a journalist across various financial and business niches. He graduated from the University of Kingston in 2019 with a Master’s Degree in Journalism and an NCTJ Diploma, and has since developed a passion for both consumer and corporate finance. He now specializes in producing engaging and thoroughly-researched web content on all things finance.
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