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GameStop Corp. (NYSE:GME) Stock in Focus: Scion News a Huge Boost

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The stock of video game retailer GameStop Corp. (NYSE:GME) has had a bit of a rollercoaster ride in recent months. However, last week, the GameStop stock jumped significantly after it emerged that Scion Asset Management has purchased additional shares in the company.

Significant Boost

The details emerged from a filing made by Scion with the Securities and Exchange Commission. It is a significant development since Michael Burry, of ‘Big Short’ fame, is the founder and manager of the fund. After the latest purchase of shares, Scion now has a 5.3% stake in the video game retailer. The news emerged on Monday, and on the same days, the stock rallied by as much as 14.3%.

The GameStop stock has actually generated gains to the tune of as much as 80% for the month so far. Michael Burry first bought a stake in GameStop in August last year. At the time, he had stated that the struggling company’s balance sheet was in decent shape, and the cash flows indicated that the stock was undervalued. He had also predicted that the company could eventually go for a share buyback scheme considering the beaten-down price of the stock. Despite the disappointing results and potentially tough time ahead, Burry seems to believe that there is value in the stock.

Despite the optimistic sentiments expressed by Michael Burry, investors need to take the ground realities into consideration. Recently, the company announced that it is planning to close more than 320 stores by the time the year comes to an end.

The Chief Financial Officer of the company Jim Bell stated that this is a part of a “very specific and proactive” plan and is one of the “de-densification plan” measures devised by GameStop. He went on to add that the move is not related to recent trends in the business. Bell was presumably referring to the massive drop in sales brought about by the coronavirus pandemic.

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