Why GameStop Stock Cratered by 16% Today
On Monday, three days before GameStop (NYSE: GME) is scheduled to unveil its latest set of quarterly results, a rather bearish research note on the company prompted investors to sell out of the company. As a result, the share price of the video game retailer dived by nearly 16% on the day.
That analyst was Wedbush Securities' Michael Pachter, an influential voice in the sphere of tech stocks generally and the video game segment specifically. On Monday, Pachter wrote a client note reiterating his underweight (read: sell) recommendation on GameStop stock at a price target of $45 per share (the company currently trades at just over $78).
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Source Fool.com
