Why GameStop Stock Dropped More Than 10% This Morning

Rich Smith, The Motley Fool
·2-min read
Why GameStop Stock Dropped More Than 10% This Morning

Shares of GameStop (NYSE: GME) -- the original meme stock -- dropped more than 12% in early trading Monday before recovering to about a 10% loss around 11:15 a.m. EDT. Blame Ascendiant Capital Markets, which downgraded GameStop stock to sell today. According to StreetInsider.com this morning, analysts at Irvine, California-based Ascendiant cut GameStop stock to sell and assigned the video game and console retailer a $10 price target that implies there's another 93% worth of downside risk in the stock.