What’s Next For GameStop Stock After Rising 26% Last Week?

What’s Next For GameStop Stock After Rising 26% Last Week?

Share to Linkedin The stock price of GameStop (NYSE: GME) has seen a solid 26% rise over the last five trading days, and we believe the stock will likely continue to rally in the near term. The 26% rise can primarily be attributed to the broader rally seen in "meme" stocks (refers to the stocks that see growth primarily fueled by social media attention). There is also company-specific news that buoyed the stock price rally. GameStop is entering into a non-fungible token platform based on the Ethereum cryptocurrency blockchain, the second most popular cryptocurrency after Bitcoin. A short squeeze inspired by one of Reddit's blogs has resulted in a massive 11x move in GME stock so far this year. The move came after a frenzy of small investors decided to take on big institutional hedge funds, which had been short on GameStop. Looking at the recent rally, the 26% rise for GME stock over the last five days compares with a 1. 3% growth seen in the broader S&P 500 index. Now, is GME stock poised to grow further or is a decline after the recent rise imminent? The answer to this question is tricky. We know that at the