may be a stock meme, which often trades without much reference to factors affecting the bottom line, but figures from trade data provider Panjiva show the video game retailer is importing more products from overseas.
A report by Panjiva, the supply chain research unit of S&P Global Market Intelligence, showed that U.S. maritime imports were linked to
jumped 197.1% year-over-year in the three-month period ending May 31. The total was up 38.6% from the previous three months.
Shipments of toys and games increased 43.2% sequentially, while imports of video game consoles declined 11.5% following the launch of new consoles from
during the fourth quarter of 2020. Game consoles remain scarce, according to the report: US maritime imports declined 6.4% sequentially during the May 31 period.
The company did not immediately respond to a request for comment.
GameStop stock (ticker: GME) fell 0.8% to $ 217.32 in Thursday afternoon trading. Meme comrade stock
(AMC) was down 2.8% to $ 56.66. the
the index rose 0.6%.
GameStop said on Tuesday it has finalized a $ 1.1 billion market share offering and will use the proceeds for “general corporate purposes as well as investing in growth initiatives and maintain a strong balance sheet “.
The company said it had no long-term debt at the start of May, despite having lease obligations of $ 445 million. The company then had $ 752 million in cash and cash equivalents.
While its shares are likely trading primarily in response to factors such as short interest rates, the vagaries of the options market, and online chats on social media sites, the company is undergoing a transformation led by Chairman Ryan Cohen, who co-founded the online pet supply company. Soft. While analysts criticized Cohen’s refusal to share a detailed roadmap for a turnaround, he highlighted efforts to delight customers by investing in customer service and logistics.
GameStop’s new CEO, Matthew Furlong, took the reins on Monday, succeeding George Sherman. Furlong is among a group of new hires in 2021 who came to the retailer with experience working at e-commerce companies like Amazon.com.
The stock will drop from
index at the
at the end of the week. This could mean that trading will be more active than usual as funds following the Russell 2000 will have to sell, while those looking to match the Russell 1000 will buy.
Write to Connor Smith at [email protected]