- Shares of GameStop have been nearly six times more volatile than bitcoin, according to data from Bespoke Invest.
- Over the past 50 days, GameStop has had an average daily price move of 21% compared to just 4% for bitcoin.
- GameStop was especially volatile over the past week as investors digested its earnings report.
- Sign up here for our daily newsletter, 10 Things Before the Opening Bell.
Shares of GameStop have been subject to extreme volatility over the past few months that far surpasses the price swings of bitcoin, according to data from Bespoke Invest.
Over the past 50-days, the daily average percentage move in shares of GameStop stands at 21%, compared to just 3.6% for bitcoin, according to Bespoke.
Volatility has skyrocketed for bitcoin following the epic January short-squeeze that saw its shares hit an all-time high of $483, and it has remained heightened as investors continue to grapple with the company’s e-commerce turnaround plans led by activist investor Ryan Cohen.
GameStop’s Tuesday earnings report gave investors a lot to grapple with as results missed analyst expectations. The stock saw a subsequent price decline of 34% on Wednesday, followed by a 53% rebound on Thursday as the stock found technical support at its 50-day moving average.
Bitcoin has also seen some choppy trading in recent weeks, as it hovered just below its all-time-high of about $60,000 for most of March. The cryptocurrency was down as much as 7% on Thursday, but has since bounced off the key $50,000 level.
How long the heightened volatility will last in GameStop is anyone’s guess, but if CFRA’s $16 bear case plays out, it could be a while.
“And you thought bitcoin was volatile,” Bespoke said.
Bespoke Invest