- 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.
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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 $US483 ($634), 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 $US60,000 ($78,725) for most of March. The cryptocurrency was down as much as 7% on Thursday, but has since bounced off the key $US50,000 ($65,604) level.
How long the heightened volatility will last in GameStop is anyone’s guess, but if CFRA’s $US16 ($21) bear case plays out, it could be a while.
“And you thought bitcoin was volatile,” Bespoke said.