Why GameStop Stock Is Rising Today

GameStop Corp GME shares are trading higher Thursday after the company announced a four-for-one stock split.

GameStop said its board approved the four-for-one split in the form of a stock dividend. GameStop shareholders of record at the close of business on July 18 are set to receive a dividend of three additional shares for each share held on the record date. The stock dividend will be distributed after the market closes on July 21.

A few months back, GameStop disclosed in an SEC filing that it planned to increase the number of authorized shares of Class A common stock from 300 million to 1 billion in order to implement a stock split. 

GameStop is a U.S. multichannel video game, consumer electronics and services retailer. The stock is extremely popular among retail investors. It was the top trending stock on Stocktwits at press time.

See Also: Why Is GameStop Surging By Around 10%? 22 Stocks Moving In Thursday's Pre-Market Session

GME Price Action: GameStop has traded between $255.69 and $77.58 over a 52-week period.

The stock was up 4.83% at $123.10 at press time, according to data from Benzinga Pro.

Photo: Chris Potter from Flickr.