GameStop shares cut losses after the Reddit favorite plans a $1 billion stock sale


Shares of GameStop pared their double-digit losses in volatile trading that occurred Monday morning after the video game retailer said it may sell up to $1 billion worth of additional shares following a historic Reddit-fueled short squeeze.

“The company has yet to show financial success in an industry that is rapidly shifting to digital,” Joseph Feldman, analyst at Telsey Advisory Group, said in a note Monday. “We continue to believe the current valuation far exceeds our rosy fundamental expectations and projected multi-year benefits from the strategic transformation.”

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