{"id":23269,"date":"2023-09-29T19:10:06","date_gmt":"2023-09-29T19:10:06","guid":{"rendered":"https:\/\/microloannexus.com\/investing\/gamestop-stock-fell-after-ryan-cohen-took-over-as-ceo-heres-why\/"},"modified":"2023-09-29T19:10:07","modified_gmt":"2023-09-29T19:10:07","slug":"gamestop-stock-fell-after-ryan-cohen-took-over-as-ceo-heres-why","status":"publish","type":"post","link":"https:\/\/microloannexus.com\/?p=23269","title":{"rendered":"GameStop Stock Fell After Ryan Cohen Took Over as CEO. Here’s Why."},"content":{"rendered":"
\n
\n

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GameStop is struggling with declining physical sales of videogames.<\/h4>\n


\n Justin Sullivan\/Getty Images
\n <\/span>
\n <\/figcaption><\/figure>\n<\/p><\/div>\n

The man who helped transform
\n GameStop
\n from a troubled retailer into a meme stock darling is taking over as chief executive.<\/p>\n

The videogame retailer\u2019s board named
\n Chewy
\n co-founder Ryan Cohen the firm\u2019s president, chief executive, and chairman. Cohen was previously serving as executive chairman while the firm looked for a replacement for former CEO Matt Furlong.<\/p>\n

\n

GameStop stock (ticker: GME) initially surged in premarket trading but closed down 1.9% to $16.84 on Thursday.<\/p>\n

Cohen won\u2019t receive compensation in his new role with the firm, though he is GameStop stock\u2019s largest investor with a roughly 12% stake through his firm, RC Ventures.<\/p>\n

Cohen revealed an activist stake in GameStop in 2020, calling on the firm to better invest in e-commerce efforts when short sellers were piling in to bet against the firm\u2019s prospects. Retail investors on Reddit\u2019s infamous WallStreetBets forum rallied behind Cohen, and shares began to surge in January 2021 when he joined the firm\u2019s board with two of his associates. GameStop shares surged to a split-adjusted record close of $86.88 on Jan. 27, 2021.<\/p>\n

A wave of executives with e-commerce experience joined GameStop after Cohen joined the board but have since departed, including Amazon alums like Furlong, former COO Jenna Owens, and former CFO Mike Recupero. Cohen was named chairman in June 2021 and became executive chairman of GameStop in June, following Furlong\u2019s firing. <\/p>\n

Cohen has amassed a cult-like following on certain corners of Reddit and X, formerly Twitter, who speculate he is communicating with investors by sending coded messages buried in emojis, GIFs, and memes. <\/p>\n

When Cohen bought into
\n Bed Bath & Beyond
\n in 2022, some of his supporters began touting the retailer. Cohen sold his stake in August of that year, sending shares tumbling. The company filed for bankruptcy earlier this year. The Wall Street Journal reported earlier this month that the Securities and Exchange Commission is investigating Cohen\u2019s Bed Bath sale. According to the Journal, Cohen said in a court filing related to an investor lawsuit about the sale that he decided to sell because the stock price \u201cunexpectedly increased to a value that exceeded what we believed it was worth.\u201d <\/p>\n

Few analysts are still covering the stock. Wedbush\u2019s Michael Pachter has a $6 target price on GameStop and Underperform rating. \u201cWith no path to a turnaround and the inevitable migration of physical software sales to digital downloads, we think Mr. Cohen\u2019s appointment ensures GameStop\u2019s demise,\u201d Pachter wrote Thursday.<\/p>\n

GameStop has benefited from sales of PlayStation 5 and Xbox Series X gaming consoles that still have disc drives, but it faces an existential threat as more sales shift to digital channels directly on the game systems. The company reported a narrowed quarterly loss that boosted the shares earlier this month, but they remain well off the heights reached during the meme-stock frenzy of 2021.\u00a0<\/p>\n

GameStop turned to crypto as a way to potentially diversify, though its nonfungible token marketplace has been viewed as a flop by Wall Street. The firm also announced a partnership with crypto exchange FTX in September 2022, just months before the firm\u2019s collapse amid allegations of fraud against founder Sam Bankman-Fried.<\/p>\n

Write to Connor Smith at connor.smith@barrons.com and Adam Clark at adam.clark@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

GameStop is struggling with declining physical sales of videogames. Justin Sullivan\/Getty Images The man who helped transform GameStop from a troubled retailer into a meme stock darling is taking over as chief executive. The videogame retailer\u2019s board named Chewy co-founder Ryan Cohen the firm\u2019s president, chief executive, and chairman. Cohen was previously serving as executive<\/p>\n","protected":false},"author":1,"featured_media":23270,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[],"class_list":{"0":"post-23269","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing"},"yoast_head":"\nGameStop Stock Fell After Ryan Cohen Took Over as CEO. Here's Why. | Micro Loan Nexus<\/title>\n<meta name=\"description\" content=\"GameStop is struggling with declining physical sales of videogames. 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