Shares in gaming retail giant GameStop have soared in the most 2021 of Wall Street rallies:
The swings have largely been organized by amateur investors on forums such as Reddit and have forced a halt to trading multiple times, sparking confusion from traditional investors and short-sellers who are betting on the stock falling.
Analysts say the struggling brick and mortar retailer’s stock should actually be priced about 95% lower based on its weak sales and outlook.
And, analysts and traders, take note: Any future GameStop revenue potential won’t include sales here on Capitol Hill.
The 1,780-square-foot Broadway store is listed as temporarily closed by the company but the space is being marketed for lease. The retailer had been lined up for exit since well before the pandemic. CHS learned about it last March as we reported on the departure of another big chain from the 1600-block Broadway Building as Panera gave way for a new One Medical clinic.
The Capitol Hill GameStop, meanwhile, provided a decade of service to neighborhood gamers and those looking to trade in the “pre-owned” market. Along the way, it made the pages of CHS in a notorious 2018 video game heist attempt and the neighborhood bid the chain farewell with a June protest looting incident.
As of this report, GameStop’s shares are down 8.78% in after hours trading after surging 135% during Wednesday’s market — for absolutely no reason at all.
$5 A MONTH TO HELP KEEP CHS PAYWALL-FREE
Subscribe to CHS to help us hire writers and photographers to cover the neighborhood. CHS is a pay what you can community news site with no required sign-in or paywall. To stay that way, we need you. Become a subscriber to help us cover the neighborhood for $5 a month -- or choose your level of support 🖤
