3 Reasons Why GameStop (GME) Stock is Set to Open Lower Today

Shares of GameStop (NYSE: GME) are down over 4% in pre-open Thursday after the company reported a wider-than-expected Q3 loss.

GameStop reported Q3 EPS of ($1.39), a big miss compared to the analyst estimate of ($0.52). Revenue for the quarter came in at $1.3 billion versus the consensus estimate of $1.19 billion.

Moreover, the company said it was issued a subpoena by the US SEC in August related to the GME share trading activity.

"We are in the process of producing the documents and have been and intend to continue cooperating fully with the SEC Staff regarding this matter," GameStop said in a regulatory filing on Wednesday.

The fact that GameStop said it won’t host the Q&A session after the earnings call is likely to have also weighed on investors’ confidence, hence a move lower in GME shares.

Still, GameStop shares are up over 900% YTD as the company continues to benefit from retail traders active on Reddit's wallstreetbets forum.

You May Also Be Interested In

• Worthington Enterprises raises dividend 5%, adds board member
• Alpha Cognition names Dr. Robert Wills as board chairman
• Silexion gets German approval to begin Phase 2/3 pancreatic cancer trial