On March 8th, 2021 GameStop stock rose 56.76 USD (41.21%) to 194.50 USD just as it was ~$45 on February 12th.
The stock seems to be rallying off of news that Ryan Cohen is the leader on the GameStop board to lead the company into its new transition.
Who is Ryan Cohen?
Ryan Cohen is the co-founder and former CEO of e-commerce company Chewy, which was acquired by PetSmart in 2017. As Chewy’s business model was the eCommerce of consumer pet goods, Ryan Cohen is very suitable to take the lead on this. However, the challenge is that consumer pet goods are not the same as videos from a business point of view.
As GameStop rises again, DeepF*Value has provided another update on his GameStop position. Since acquiring 50,000 shares at around $40-$50 per share, totaling at 2 million dollars, his total GameStop position is now over 40 million dollars. DeepF*Value continues to stand behind his and Wallstreetbet’s conviction on GameStop. GameStop to the moon 🚀🚀.
Meanwhile in the Markets
Meanwhile, sectors like technology, communication services, and consumer cyclical continue to decline from the past couple of weeks. From the image, the market seems to be shifting to value stocks compared to growth stocks. The growth stocks flourished during the pandemic and up to late January 2021, but are pulling back. How long will this decline continue?