Shares of GameStop rallied after posting its first profit in two years. Although sales for the meme stock were slightly less year over year at $2.2 billion, the company beat estimates. Analysts who updated their coverage on the stock noted the steps management took in making the company more efficient, which included cutting costs. GameStop also leaned into pockets of growth in collectibles, including toys. As a result of the favorable report, several analysts upgraded their coverage on GME. And other meme stocks like AMC, rose in sympathy.
22 Mar 2023