What's Going On With GameStop Shares Wednesday?

Shares of GameStop Corporation GME have been volatile and are moving higher on Wednesday. Here’s what you need to know.

What Happened: GameStop, traditionally known as a video game retailer, is making a significant push into the trading card market. The company announced a $25,000 bounty for the one-of-one black parallel Lionel Messi sticker from the 2024 Panini Copa America collection. The sticker must be graded PSA 6 or above to qualify for the bounty, which concludes at the end of 2024.

Why It’s Important: GameStop’s bounty is part of a broader strategy to diversify its offerings beyond video games and accessories. This move capitalizes on the popularity of soccer star Lionel Messi, who has recently joined Inter Miami in Major League Soccer. The bounty also serves as a marketing tool to highlight GameStop’s venture into graded sports cards and collectibles.

What Else: The stock has seen a session volume of 18.312 million, against an average 100-day volume of 50.213 million and has traded within a day range of $24.90 to $26.45. With a float of 352.175 million shares and a market cap of $10.485 billion, the share has seen some activity in the last few weeks.

GME Price Action: GameStop shares were up by 1.50% at $24.97 according to Benzinga Pro.