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