What Happened to Gamestop Stock Price Today?

The Gamestop stock price is currently trading at $14.49 and is down by 0.21% in the last 24 hours. It is almost 50% less than its 52-week high price of $27.65. While the market capitalization is $4.43 billion, the 24-hour trading volume is slightly less than $3 billion.

Gamestop has been making headlines in the crypto industry for the past few years with its entry and exit from the NFT industry. Most recently, it announced a wind-down of its NFT marketplace due to regulatory uncertainties in the industry. Its market performance is going in line with the broader S&P 500 index with no significant highs or lows.

Gamestop Stock Market Performance in the Last Week

The Gamestop stock price dropped considerably in the last week, starting with $15.16 on Monday, January 22, 2024. In the next couple of days, it plunged to as low as $13.84 on January 24, 2024. However, by the end of the week its price increased significantly.

The Gamestop stock price surged by 4.09% and was trading at $14.52 on January 25, 2024. It even reached $14.65 on the same day While the overall S&P 500 index rose by 0.53% and was hovering around $4.894.16, the Dow Jones Industrial Average (DJIA) increased by 0.64% with a price of $38,049.13.

Overall, the GME stock outperformed its competitors by recording a significant price surge inline with the broader S&P 500 index on Thursday.

However, the GME stock price fell the next day and so the overall S&P 500 index price. Despite there being no significant surge on Friday, the Gamestop stock price outperformed its competitors again on January 26, 2024 and went to as high as $14.65. However, its price then dropped by 0.21% and closed the day at $14.49.

Even though the price dropped by 0.21%, the GME stock price outperformed its competitors like Apple Stock (AAPL), AT&T (T), and Best Buy Co. Inc. (BBY).

Latest Updates: GameStop To Shutdown Its NFT Marketplace

Gamestop announced that it is going to shut down its NFT marketplace from February 02, 2024. The main reason it cited for winding down its NFT marketplace is the ongoing regulatory uncertainty in the crypto space.

The #GameStop NFT Marketplace is winding down

We would like to thank @GameStop for choosing Loopring L2 as an integration partner. It was a pleasure working with the team there

Creators: the future doesn’t stop here. Loopring L2 has become a home for amazing NFT artists,… pic.twitter.com/B6H57kUDBg

— Loopring💙 (@loopringorg) January 12, 2024

Apart from Gamestop website, one of its blockchain partners, Loopring also posted on X stating that the Gamestop NFT marketplace is winding down.

Even though the Gamestop NFT marketplace platform ceases its operations, the NFTs previously minted on the blockchain can be traded on other marketplaces. So, users can transfer, buy, and sell their NFT on other marketplaces without any doubts.

Few months back, Gamestop also declared that it is going to discontinue crypto wallet operations. The platform made this announcement in August 2023 and removed the iOS and Chrome extensions of its crypto wallet on November 01, 2023, showing that “regulatory uncertainty” is the reason behind this action as well.

Users wonder why the Gamestop platform didn’t announce the decision to shut down both its wallet services and NFT marketplace at the same time. Even though it says that regulatory uncertainty is the reason, another major reason could be the decreasing NFT trading volume and decreased hype and attention around NFTs.

Is Gamestop Stock a Good Investment in 2024?

When it comes to evaluating whether Gamestop stock is a good investment, several factors come into play. While the company’s CEO, Ryan Cohen, demonstrates strong leadership with several years of work experience with the company, there are some concerns regarding its core business.

Gamestop has been reporting shrinking revenue and its stock price is volatile, sensitive to market news and announcements. The volatile nature of GME stock led to investors targeting it for short-term trade for profits.

All things considered, it is difficult to ascertain whether Gamestop stock is a good investment to make in 2024 or not. However, there is a loyal community of investors who believe in the potential of Cohen based on his past achievements with Chewy company and Gamestop’s cost containment strategies.

Investments in stock, or for that matter any financial instruments, are risky and can result in losses. So, you must do your research and understand your risk tolerance before making any investment decision.