Shares of GameStop Corp. (NYSE: GME) were up 9.2% in pre-market trading on Thursday as the gaming merchandise and video gaming company reported better-than-expected results.
The gaming company reported a loss of $0.36 in Q2 which was better than analysts’ expectations of a loss of $0.42 per share. GameStop reported revenues of $1.14 billion in Q2, down by around 4% year-over-year.
In addition, GameStop also announced a partnership with crypto marketplace FTX to introduce “more GameStop customers to FTX’s community and its marketplaces for digital assets.”
What is the Prediction for GME Stock?
Only one analyst has covered the stock in the past three months rating the stock a Sell.
GME’s average price forecast of $7.50 implies that the stock is currently overvalued with a downside potential of 68.8%.
