Why GameStop Stock Sank Today
The glow seems to be fading on shares of original meme stock GameStop (NYSE: GME). The stock has dropped almost 33% in the past month -- a period that included its latest quarterly financial update and some news that should have pleased GameStop's retail investors. But the downtrend in GameStop shares continued today, with the stock down nearly 4% at the day's lows. As of 3:14 p.m. ET, the shares remained down 2.6%.
Earlier this month GameStop disappointed investors when it reported its fiscal third-quarter financial results with no major update on its transition to an e-commerce business. Last week, digital payments network company Flexa announced on Twitter that GameStop will use its network to accept cryptocurrency payments including Shiba Inu and Dogecoin. But that news hasn't been enough for the retail investor crowd to drive shares of GameStop higher.
Source Fool.com
