What's Going On With GameStop Shares Wednesday?

GameStop Corporation GME shares are moving lower on Wednesday after the company reported a revenue miss for the 2024 fiscal year second quarter.

What Happened: The company reported revenue of $798 million missing analysts estimate of $895.67 million.

The company reported $451.2 million from Hardware and Accessories, $207.7 million from Software and $139.4 million from Collectibles.

In addition, the company reported EPS of four cents beating analysts estimate of a loss of 1 cent per share. GameStop also reported net income of $14.8 million as well as cash and cash equivalents of $4.204 billion.

Analyst Change: Following the earnings report, Wedbush analyst Michael Pachter maintained a Underperform rating on GameStop and lowered his price target from $11 to $10.

How To Buy GameStop Shares

Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.

For example, in GameStop GME's case, it is in the Consumer Discretionary sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.

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GME Price Action: At the time of publication, GameStop stock is moving 14.8% lower at $20, according to data from Benzinga Pro.

Image: GameStop illustration via Shutterstock.