GameStop Corp (NYSE: GME) stock is one of the most active stock gainers this morning as investors are impressed with the company’s plan to become a zero-debt company.
The company said that it will opt for early debt retirement to the tune of $216.4 million of its 10% senior notes on April 30. These notes were actually due in 2023.
While GameStop’s had almost $509 million in cash and equivalents in the bank in fiscal 2020 year ended at the end of January, earlier this month it increased the size of a share offering to 3.5 million shares at market prices. At its current stock price of $145 a share, the video game retailer would realize about $508 million.
There is no doubt that GME stock is the most popular stock of the year after soaring as much as 3100% from $17 to $483. However, the stock has corrected 65% in the past two months from its 52-week peak. At the time of writing, GME stock is trading higher by 20% at $169.20 on hefty volume. Technically, GME is trading above 50-Day and 200-Day moving average price of $49.92 and $139.72 respectively.
Finance and Entertainment Reporter
Richard is a bottle of wine – the older the sweeter. He has already found the sweetest hobby in writing entertainment and finance news for Own Snap. Readers get the updated posts regularly from him searching for real-time news.