Why GameStop Stock Could Fall 75% From Here

InvestorPlace2022-12-09

GameStop stock may fall 75% due to a failing turnaround plan.This prediction comes from Wedbush analyst Michael Pachter.Pachter set a new price target of $5.30 per share for GME stock.GameStop stock ...

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phantom74
2022-12-09
phantom74
ok
Daniel12321
2022-12-09
Daniel12321
Good

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That’s a decline from his previous price target of $6 per share for GME stock. It also represents a roughly 75% potential downside compared to GameStop’s closing price on Wednesday.The reasoning behind Pachter’s latest price target has to do with GameStop’s turnaround plan. The Wedbush analyst hasn’t seen positive results from the plan so far and doesn’t believe the company’s current efforts, such as its non-fungible token (NFT) initiative, are helping. Pachter also has concerns about long-term headwinds for the retailer.The Price Target Drop Comes After Poor Q3 ResultsIn its most recent quarter, GameStop failed to meet analysts’ estimate of -28 cents per share when it reported an EPS loss of 31 cents. The company also brought in revenue of $1.19 billion, which missed Wall Street’s expectation of $1.35 billion.Despite all of this, heavy trading is pushing shares of GME stock higher today. As of this writing, some 6 million shares are on the move. 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