GameStop Corp. is heading into its first-quarter earnings report with half the number of analysts covering the stock than before retail traders helped fuel a quadruple-digit surge in shares.
Telsey Advisory Group was the latest firm to walk away from the stock, discontinuing coverage of GameStop earlier this week. Analyst Joe Feldman said the firm is always reevaluating what it makes sense to cover given which stocks are attracting interest from its clients. He said institutional investors have had “almost zero interest” in GameStop since January, when share-price volatility surged as Reddit users touted the stock.
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