May 2024 GME Burp
Why did the price of GME soar in May 2024?
Summary
- Following the strong earnings report that showed full-year profitability for the first time in 6 years, the share price of GME suddenly soared in May 2024
- This event coincided with the return of Roaring Kitty
- Some may observe that The Burp occurred approximately 35 days after GameStop released the FY23 earnings report
- GameStop capitalized on this opportunity by raising billions of dollars through at-the-market equity offerings
