Move is latest in a series of changes since Chewy co-founder Ryan Cohen joined board
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Shares were already up before the announcement, buoyed by the company's steps towards making major changes led by activist investor Ryan Cohen.
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George Sherman will step down as GameStop CEO on or before July 31, the retailer said. He's the latest in a long line of execs to leave.
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"I think it's going to get a second kick at life," O'Leary said about the video-games retailer, which boasts a passionate online following.
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GameStop's $16 price target from CFRA Research represents 91% downside potential from its current price of $177.
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Move comes as GameStop tries to cash in on its persistent stock surge.
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Cohen, who co-founded online pet supply store Chewy and is a major GameStop investor, has been leading efforts to turn the chain around.
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"The market price of our common stock has been extremely volatile and may continue to be volatile due to numerous circumstances beyond our control," GameStop said.
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Keith Gill uploaded a screenshot showing he had $19 million in GameStop shares, $8.9 million in bullish call options, and $11.9 million in cash.
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GameStop is reshaping its executive suite around former Amazon employees as activist investor Ryan Cohen oversees a company-wide "transformation."
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Months after a short squeeze sent shares soaring more than 1,600%, GameStop's stock remains extremely volatile, the company told investors.
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From the executive suite to the board, Chewy cofounder Ryan Cohen is clearing house at the embattled video game retailer.
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GameStop received a $175 price target from Jefferies analyst Stephanie Wissink on Wednesday, fanning the flames on Reddit's r/wallstreetbets forum.
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Valuation has dipped a bit but is still up roughly 900% in 3 months.
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With GameStop's stock price still near $200, the company is considering selling new units to help fund the ongoing "transformation" led by Ryan Cohen.
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GameStop has also brought pet supply company Chewy's former vice president of e-commerce onto the team.
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Reddit day traders' crusade sent Gamestop's stock on a wild ride last quarter, but the company refused to take questions on the call.
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GameStop execs are finally going to break their silence about the stock explosion on Tuesday afternoon. Here's what to expect.
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GameStop shares are likely to see just a limited bump up in activity and price from the stimulus checks being sent to Americans, says Bank of America.
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GameStop fell as much as 20% on Tuesday before mounting a recovery, but that hasn't stopped "diamond hands" Reddit traders from holding the stock.
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