GameStop Is Preparing For Its Sixth Earning Day

GameStop shares rose 11 percent ahead of the market in Wednesday's trading.

GameStop is preparing for its sixth earning day. Shares of the company rose 11 percent ahead of the market on Wednesday, heading for earnings for the sixth day in a row at $ 275. If this increase continues, GameStop shares will realize the longest daily increase chain in six months. Shares gained about 27 percent on Tuesday, finishing at the level of $ 246.90. According to the news compiled by Reuters, Lang&Schwarz data pointed out that its stock is among the top three names traded on its platform. The latest increase in stock takes place in an environment where the company has appointed a three-member panel led by Ryan Cohen, a board member and co-founder of Chewy (NYSE: CHWY), to accelerate the transition to digital life and reverse the long-term decline in sales. In a filing of GameStop on March 8, it was stated that the committee would identify initiatives that could further accelerate the company's transition. In January, a group of "WallStreetBets" followers on Reddit waged a war against hedge funds that were heavily short-selling on GameStop shares, and the company managed to gain attention worldwide. Short selling squeeze from Reddit caused stocks to surpass analysts' price targets with $ 482 last month. Since then, the stock has been actively trading with strong volumes and price volatility.