Meme Stock GameStop On Track For Another Big Day: What's Driving The Momentum?

GameStop Corp. GME shares jumped in premarket trading on Wednesday following the previous session’s scintillating rally.

According to Benzinga Pro data, the stock settled Tuesday’s session up 13.27% at $13.49. The stock tacked on another 11.56% to $15.05 in premarket trading.

Tuesday’s jump could be in part attributed to reports of strong Cyber Monday sales, with consumer electronics products and accessories flying off the shelves. This could benefit GameStop, which is a retailer of video games.

The stock has been on a broader downtrend since early 2021 when it soared on the back of the meme frenzy. The most recent downtrend began in June this year, and the sales did not stall even after Ryan Cohen was elected as CEO in late September.

GameStop is scheduled to report its third-quarter results on December 5. Bullish GameStop call options are seeing renewed volume, reported Wall Street Journal, citing Cboe Global Markets data.

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