The most recent short interest against GameStop was estimated to be about 53 million shares, according to data that Finbold obtained from Fintel. In the event that this accumulation of short positions continues into 2023, the pressure might result in a comeback. Even with all the exposure, it has received from the Wall Street Bets saga, the stock is still a short squeeze candidate. In point of fact, 63.76% of GME shareholders are retail investors, with institutional (25.61%) and insider (10.63%) making up the rest. Short squeezes aren’t the only possible driver for GME shares, however. As the business makes bold moves into the metaverse and rolls out new non-fungible tokens (NFTs), GameStop shares could have the ability to reach three figures in 2023, although the true value of the blockchain investment won’t be known for at least a few more months.
GME chart and analysis
GME had a somewhat extensive trading range in the previous month, from $21.89 to $34.99. It is trading in the midst of this range at the moment, so some resistance may be found above, although there has been some improvement in recent activity. A horizontal line at $29.24 provides daily time frame resistance, while a cluster of trend lines and key moving averages between $25.80–$26.24 provides a daily time frame support zone. GME support and resistance. Source. Finviz.com data. See more stocks here. Thanks to recent price action, it is trading above its 20-day simple moving averages (SMA), although it is currently below its 50-day and 200-day SMA. On a daily time frame, the GameStop technical analysis indicators are relatively positive. The moving averages indicate a ‘buy’ at 10, and the daily summary gauge is also in the ‘buy’ zone at 12. The daily oscillators gauge also points to the ‘buy’ zone at 2, although neutral sits at nine.
Analysts on GME stock
Based on analyst stock evaluations for GameStop over the last three months, the average price forecast for the next year is $16, a consensus ‘moderate sell‘ rating among the two experts. Compared to the current price of $27.59, the target represents a drop of 42.01%. Interestingly, even the highest price objective for GME shares, $26, is lower than where the stock is now trading. Bob Sloan, CEO and Managing Partner of S3 Partners, presented a thought-provoking prospect on GameStop. Sloan said, “if this price gets over $30, we might see something parabolic.” In this line, be on the lookout for a break above $30 while keeping an eye on the number of short positions in GME shares. To establish an NFT marketplace, GameStop has formed a partnership with ImmutableX. The online marketplace just recently went live, yet it is already seeing more demand than many skeptics presumably anticipated it would. Through the use of ImmutableX, GameStop’s shareholders are able to keep track of the amount of trade that occurs on the company’s NFT platform. If the data is accurate and growth is happening, this could result in a huge increase in revenue for GameStop. Given all of this, and taking into account the possibility that traders on Reddit would lend a hand, the GME stock price might easily double its current price if not hit three figures in 2023. Buy stocks now with Interactive Brokers – the most advanced investment platform Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
