GameStop's Trading Volume Slips to Lowest Level Since Early May

Dow Jones06-27

GameStop Corp.'s trading volume fell to its lowest level in nearly eight weeks on Wednesday as the dust continues to settle after the recent meme-stock frenzy.

GameStop's $(GME)$ volume was 17.43 million, its lowest since May 2, when volume was 8.65 million, according to Dow Jones Market Data. Trading volume was well below GameStop's 65-day average of 47.57 million.

Shares of GameStop ended Wednesday down 2.9%, and have fallen three of the past four days.

GameStop shares soared last month following influential investor Keith Gill's return to social media and after a June 2 Reddit post from an account associated with Gill appeared to show him holding a big stake in the company.

Last week, GameStop CEO Ryan Cohen said he is focused on creating a "smaller network of stores" during the videogame retailer's rescheduled investor meeting.

The trading volume of fellow meme stock AMC Entertainment Holdings Inc. $(AMC)$ was 17.31 million Wednesday, its lowest since Monday, when volume was 15.03 million. Volume was well below AMC's 65-day average of 57.91 million.

AMC shares ended Wednesday's session up 3.3%, but they have fallen in six of the past eight trading days.

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Comments

  • PaulMardling
    06-27
    PaulMardling
    It's interesting that low volume is portrayed as a negative event.  If you look at the majority of the big breakouts with $GME, they usually happen after volume has decreased significantly. 
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