Shares of video game retailer and meme original GameStop Corp. are on a roll. On track to record its biggest daily decline since early December.
GME From GameStop,
The stock fell 5.5% on Tuesday, putting it on track for its biggest drop since Dec. 5, 2023, when it fell 12.2%. Stocks are also on track to extend their losing streak to three days. GameStop stock is currently down in seven of the past eight days.
Related: GameStop stock fell more than 4%, on track to extend its losing streak to three days
GameStop saw a meme-like rally ahead of its fiscal third-quarter earnings report, but is down 32% in the last 52 weeks, compared to the S&P 500's SPX gain of 18.9%.
GameStop, like fellow darling AMC Entertainment Holdings Inc. AMC,
It was a major beneficiary of the meme stock buying frenzy in January 2021. Buoyed by the WallStreetBets crowd on Reddit, the struggling video game retailer's stock soared, rising more than 1,200% between January and March 2021 as the company's market cap topped $17 billion. But shares have fallen significantly since then, and GameStop's market cap now stands at $4.51 billion.
Related: AMC stock continues its decline, falling 6% to a record intraday low
The company saw major leadership changes last year. GameStop fired CEO Matthew Furlong in June and said its board had elected activist investor Ryan Cohen as CEO. Cohen was then named CEO in late September, the latest chapter in his attempt to breathe new life into the company.
AMC Entertainment Holdings Inc. shares also continued to decline. Its latest decline came on Tuesday, hitting a record intraday low and on track for another record close.
