GME May 2024 20.000 call

What went into meme star GameStop's $933M stock sale

GameStop shares (GME) are on a tear higher Tuesday morning after the video game retailer announced it made $933 million in sales of 45 million common stock on Friday, May 24. What's next for the meme stock coming off of the latest meme trade rally earlier this month? Interactive Brokers Chief Strategist Steve Sosnick shares his thoughts on the trajectory of GameStop stock. "The fact that in GameStop is up about 20-some odd percent this morning because they sold almost $1 billion worth of stock, if this were a normal company, people would be a little bit freaked out because you don't sell stock into the market if you think your stock is undervalued," Sosnick explains. "You do it when you think your stock is overvalued." For more expert insight and the latest market action, click here to watch this full episode of Morning Brief. This post was written by Luke Carberry Mogan.