GameStop (NYSE:GME) stock is looking at another catalyst. This Wednesday could be just what GME needs to fly skyward once again, with the gears of the company’s turnaround plan beginning to really turn. With a shareholder meeting and an earnings call, as well as another big transition moment for the company, GME holders have a lot to be excited over.
June 9 will see GameStop’s quarterly earnings call. Analysts seem to expect the company to flex a nearly 15% increase in revenue this quarter, while also reporting another consecutive earnings loss. That doesn’t seem very glamorous or exciting. However, there is another event that could see some much bigger potential gains for GME stock.
June 9 will also bring its annual shareholder meeting in Grapevine, Texas, which is closed to the media. We can’t say for sure what the meeting will entail, but it seems investors are betting on an update on the company’s transformation from brick-and-mortar retail to tech and e-commerce.
GME Stock: Cohen Claims His GameStop Throne
What we can say for sure is that GameStop will be seeing a change of power on that day. Ryan Cohen, Chewy (NYSE:CHWY) founder and the five-star general of the GME stock army, will be taking over as the company’s chairman.
Cohen is one of the earliest supporters of the 2021 GameStop movement. In January, Cohen was given a prominent role in the GameStop turnaround plan. Paramount to Cohen’s plan is the prioritization of closing physical retailers and pivoting hard to e-commerce. As chairman, Cohen will be given more power in actually implementing these goals.
Earlier this year, GameStop announced five other coming changes to its board of directors. With two of the five previously involved in Cohen ventures, it’s safe to assume that Cohen himself was a driving force behind the board turnover.
Everything seems to be falling into place for Cohen to actually pull off something big. Investors are staying on the edge of their seats in anticipation of the events on Wednesday. In the meantime, GME stock is up 10% on the day’s trading session, with shares trading at $271.50.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
