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GameStop shares move higher after Michael Burry says he’s been buying the stock
Michael Burry increased his stake to 9.3% of GameStop, calling it a long-term value investment as shares rose 7.39%, reflecting renewed investor confidence.
- On Monday, Michael Burry disclosed in a Substack post that he has been buying GameStop Corp shares, sending shares up nearly 7%, with GME at $24.69.
- Through his recently closed Scion Asset Management, Michael Burry said his GameStop purchases are a long-term value play and expects he is buying near 1x tangible book value / 1x net asset value.
- Ryan Cohen recently bought one million shares last week, lifting his stake to about 42.1 million shares, and GameStop approved a compensation plan granting options on roughly 171.5 million additional shares.
- Monday's trading volume in GameStop soared as the stock hit its highest level since October 8, with Investing.com reporting an intraday rise of 8.8% before trimming gains and traders across social media taking notice.
- Seeing him return now, Michael Burry's patient stance near book value contrasts the 2021 meme-stock episode led by retail traders and hedge funds, highlighting potential value beyond speculation.
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“Big Short” Investor Michael Burry is Betting on GameStop’s Revival — Time to Buy?
Quick Read Michael Burry is buying GameStop (GME) again. He cites faith in Cohen’s leadership and the stock trading near tangible book value. GameStop Q3 net sales fell 4.6% to $821M and missed estimates of $987M. Hardware sales fell 12% and software plunged 27%. Collectibles sales surged 50% to $256.1M and drove operating income of $41.3M. The segment represents 31% of GameStop revenue. It sounds nuts, but SoFi is giving new active invest u…
·New York, United States
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Times of IndiaReposted by 
The Economic Times
The Economic TimesWhy GME stock surged over 8% today: Michael Burry says he's buying GameStop shares for the long term
GME stock today: GameStop stock surged over 8% after investor Michael Burry revealed his long-term investment in GME shares. Find out why he believes in the company’s potential.
·India
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Coverage Details
Total News Sources15
Leaning Left2Leaning Right3Center6Last UpdatedBias Distribution55% Center
Bias Distribution
- 55% of the sources are Center
55% Center
L 18%
C 55%
R 27%
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