Shares of GameStop (NYSE: GME) were rising over 2% in morning trading Monday despite a Wall Street analyst reiterating his sell recommendation and cutting his price target to $24 per share, or almost 90% below where the video game retailer's stock closed on Friday. Ascendiant Capital Markets analyst Edward Woo says the $185-per-share price level GameStop is currently trading at is wholly related to its popularity in internet chat rooms and not on the fundamentals of the business. Instead, the stock moves "on retail investors' sentiment, hope, momentum, and the powers of crowds," he told investors in a research note.
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