Where Jim Cramer Thinks GameStop Stock Could Head Today

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GameStop  (GME) - Get Report took off in Thursday's trading session, after facing pressure during Wednesday's session.

TheStreet's Martin Baccardax broke down the news that had impacted shares following the earnings report earlier this week.

"The group did, however, see a 175% surge in e-commerce sales and hired former Amazon executive Jenna Owens drive its online shift, but provided scant details as to how and when it might happen; company executives not only decline to provide near-term profit forecasts, but they also refused to take questions from analysts in what was a packed post-earnings conference call," Baccardax wrote.

He continued, "The major after-hours move for the shares [earlier this week], however, came from a 10-K filing with the Securities and Exchange Commission shortly after its fourth quarter earnings, in which the company said that while it wasn't aware of any "material changes in our financial condition or results of operations" that would explain the stock's 800% gain over the past two months, it has been "evaluating whether to .. potentially sell shares of our Class A Common Stock under the increased ATM Program during the course of fiscal 2021, primarily to fund the acceleration of our future transformation initiatives."

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