GameStop Delays 10K Filing; Reason for GME Stock Price Drop?

GameStop Corporation (NYSE: GME) surprised the stock market with its Q4 earnings.
GameStop Stock lost 4% on March 27, 2023, compared to its last trading session.

GME Stock price tumbled on March 24, 2023, trading session and closed at $23.98. In the yearly trading range context, GME Stock’s lowest price was $15.41; the highest price was $49.85, 42.62% lower than its all-time high.

The GameStop stock slipped over 4% on Monday’s March 28, 2023, trading session with a 24-hour trading volume of 6.44 million. At the time of writing, the market capitalization of GameStop Corporation was $7.01 billion.

According to TheStreet, GameStop Corporation hasn’t released its Form 10 K. The company mostly delays the Form 10 K filing due to auditing and company issues.

According to the Securities and Exchange Commission (SEC), if a company fails to file this report, the company may be questioned or delisted from the markets. If the company fails to file Form 10 K, the securities regulator will provide a grace period of 15 days for the company to file the report and explain the delay.

The Form 10 K is a detailed report which every company files annually. This report is a mandatory procedure to be followed by companies listed on the stock market.

In Monday’s trading session, GME Stock traded in a specified range; lowest traded at $22.69 and highest traded around $24.01. The stock price closed at $23.00 on the last trading session of March 27, 2023.

On March 24, 2023, the stock tumbled, and closed at $23.98. In the yearly trading range context, GME Stock’s lowest price was $15.41 and highest price was $49.85, 42.62% lower than its all-time high.

The Q4 earnings of GameStop Corporation (NYSE: GME) surprised the financial market, and soon after the Q4 earning release, GME stock soared over 45%-50%. It is the first time after Q1 of 2022 that GameStop Corporation performed well and reported higher revenue than estimated figures.

In Quarter 4, GameStop Corporation reported $2.23 billion which is higher than the estimated revenue the company registered +2.12% surprise. The estimated revenue for the first quarter is $1.36 billion.

Major Technical Levels

Resistance Levels: $23.29 and 24.70

Support Levels: $18.71 and 17.30

Summary

GME Stock prices may uptrend in the coming weeks if the company fastracks its process of filing Form 10 K. Similarly, prices soared after the company released its Quarter 4 earnings on March 21, 2023.

GameStop Corporation(NYSE: GME) is an american multinational video game retailer, gaming merchandise and consumer electronics. The company was founded by Leonard Riggio, Daniel DeMatteo and Richard Fontaine in 1984. Initially, it was known as Babbage; later, in 1999, it was coined as GameStop Corporation.

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Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing