GameStop Stock Hits New 52-Week Low: What's Going On?

GameStop Corporation GME shares are trading lower Monday. The stock has dropped more than 20% over the last month and hit a new 52-week low on Monday. 

What To Know:

GameStop Corporation shares marked a new 52-week low of $12.59 on Monday, and the stock is trading below its 50-day moving average of $16.38. 

On Sept. 28, GameStop announced that its board of directors had elected Ryan Cohen as president and CEO, effective immediately.

GameStop also stated that Mr. Cohen will not receive compensation for serving as the company's president and chief executive officer.

GameStop's stock is well-known for starting the "meme stock" craze due to its ability to attract the attention of retail investors as well as short-sellers. Shares of GME are currently listed among the top trending tickers on Yahoo Finance and 20.11% of available GME shares are being sold short, according to data from Benzinga Pro. 

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GME Price Action: According to Benzinga Pro, GameStop Corporation shares are down 2.25% at $12.83 at the time of publication.

Image: Sergei Tokmakov from Pixabay