GME Stock: Why Reddit Investors Should Mark Their Calendars for July 31

GameStop (NYSE:GME) stock is seeing positive movement this morning following an announcement concerning its CEO that Redditors will want to be aware of.

GameStop Stock: Is The Tide Turning For GME Stock?

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According to a press release from GameStop, the company is searching for a new CEO to replace George Sherman. The current CEO will be stepping down on July 31 but could leave earlier if a new CEO is found before that.

It comes as no surprise that GameStop is searching for a new CEO. Today’s news comes after reports last week that the company was doing just that. Now members of r/WallStreetBets just need to wait and see who will replace Sherman.

Even with a new CEO, that doesn’t mean everything will go well for GME stock. The company has been struggling as it undergoes a transformation from a brick-and-mortar business to an e-commerce business. Even so, it does have the help of Chewy (NYSE:CHWY) founder Ryan Cohen.

Cohen has been pushing for GameStop to embrace e-commerce and is pushing ahead with those plans. Since he’s joined, the company has seen quite a few executive changes as he clears the way for this to happen.

The real question is will all of this be enough to save GameStop. Maybe not. InvestorPlace’s own Muslim Farooque thinks there’s still too much uncertainty surrounding GME stock for long or short-term investors to take a risk on it.

Despite news of a search for a new CEO, GME stock isn’t seeing heavy trading today. It’s only moved about 3.5 million shares so far. As compared to its daily average of roughly 41 million shares.

Either way, GME stock is sitting 10.4% higher as of Monday morning. The stock is also up 891.3% since the start of the year.

While GameStop almost always sees major movement on news, it’s far from the only target worth looking in on today.

Other news for Monday morning includes clean energy deals, analysts’ comments on electric vehicles (EV), and a new challenger for Dogecoin (CCC:DOGE-USD). This has Clean Energy Fuels (NASDAQ:CLNE), Nio (NYSE:NIO), and SafeMoon (CCC:SAFEMOON-USD) catching the eye of investors this morning. You can learn more about that below.

More Monday News

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.

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