GameStop plans to sell millions of shares at prices juiced by this year’s parabolic run. The stock sank on the news before bouncing back by early afternoon.
“The company’s decision to increase the size of its ATM Program is understandable, given the stock’s elevated price,” wrote Telsey Advisory Group analyst Joseph Feldman in a report. While Feldman still thinks the company will benefit from last fall’s launch of new videogame consoles and efforts by Chewy (CHWY) co-founder and GameStop director Ryan Cohen to transform the company’s e-commerce offerings, Feldman maintained a $30 price target on the stock.
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