GameStop Stock Is Trending Wednesday: What's Going On?

GameStop shares rose Wednesday on light trading volume after weeks of rangebound activity as retail traders shifted focus to other meme stocks, according to Benzinga. Quantum BioPharma disclosed the purchase of 2,000 shares as a strategic investment, a move interpreted as support for the anti-short-selling momentum. GameStop also launched a trade-in promotion countering Sony’s $50 PlayStation 5 price hike, offering an extra $50 credit on compatible console trade-ins. Technical indicators point to bullish momentum but signal that the stock is nearing overbought territory, while the MACD remains bullish with positive momentum. GameStop will report second-quarter earnings on September 9th, with analysts expecting earnings of 16 cents per share on $823.25 million in revenue. Shares last traded up 1.08%, per Benzinga Pro data.