GME - GameStop Forms Bullish Bearish Patterns Following Q2 Earnings | Benzinga
GameStop Corporation (NYSE: GME) swung wildly Thursday after printing better-than-expected second-quarter earnings.
For the quarter, GameStop reported a loss of 3 cents per share on revenues of $1.16 billion, exceeding the consensus estimate of a loss of 14 cents per share on revenues of $1.14 billion.
Following the print, Wedbush analyst Michael Pachter on Thursday maintained an Underperform rating on the stock and lowered a price target from $6.20 to $6. The new price target suggests about 67% downside for GameStop.
GameStop’s price action on Thursday caused both a bullish and a bearish pattern to print on the stock’s chart because when GameStop rose to its high-of-day it formed a bearish double top pattern, but when the ...