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    AAPL   US0378331005

APPLE INC.

(AAPL)
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Real-time Estimate Cboe BZX  -  07:33 2022-08-09 am EDT
164.05 USD   -0.50%
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Meme stock GameStop jumps on share split bandwagon

07/06/2022 | 04:32pm EDT

July 6 (Reuters) - GameStop Corp's board has approved a four-for-one stock split that will make it more affordable for investors to own shares of the video-game retailer at the center of last year's "meme stock" trading frenzy.

Shares of the company shot up 5.8% to $124.49 in extended trading on Wednesday after the announcement.

Several major U.S. companies have opted for stock splits over the past two years, including Apple, Tesla and Amazon.com.

A stock split makes shares more affordable for individual investors by lowering the price without affecting the company's valuation.

Shares of GameStop skyrocketed more than 680% in 2021 thanks to retail traders on social media platforms such as Reddit who snapped up heavily shorted stocks in a bid to squeeze out hedge funds betting against them.

"GameStop management knows that they have a 100% retail shareholder base and so, they are catering to them," said Wedbush Securities analyst Michael Pachter.

"It (the stock split) is also a distraction because the NFT market is dead, and that was the last thing that they did that tried to get people excited."

This year, the video-game retailer's shares have wound down roughly 20% as the Ukraine crisis and fears of a global recession clouded sentiment.

The company said in March it would seek shareholder approval for the split which would increase its outstanding Class A common shares to 1 billion from 300 million.

Under the split, shareholders will receive a stock dividend of three additional shares of GameStop's Class A common stock for each share held.

The dividend will be distributed after markets close on July 21. (Reporting by Chavi Mehta in Bengaluru; Editing by Devika Syamnath)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AMAZON.COM, INC. -0.99% 139.41 Delayed Quote.-16.38%
APPLE INC. -0.29% 164.87 Delayed Quote.-7.15%
GAMESTOP CORP. 8.57% 43.45 Delayed Quote.7.88%
TESLA, INC. 0.78% 871.27 Delayed Quote.-17.55%
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Analyst Recommendations on APPLE INC.
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Financials (USD)
Sales 2022 393 B - -
Net income 2022 99 549 M - -
Net cash 2022 56 181 M - -
P/E ratio 2022 27,0x
Yield 2022 0,55%
Capitalization 2 650 B 2 650 B -
EV / Sales 2022 6,61x
EV / Sales 2023 6,24x
Nbr of Employees 154 000
Free-Float 99,9%
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Technical analysis trends APPLE INC.
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TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
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Mean consensus BUY
Number of Analysts 45
Last Close Price 164,87 $
Average target price 179,85 $
Spread / Average Target 9,08%
EPS Revisions
Managers and Directors
Timothy Donald Cook Chief Executive Officer & Director
Luca Maestri Chief Financial Officer & Senior Vice President
Arthur D. Levinson Independent Chairman
Kevin M. Lynch Vice President-Technology
Jeffrey E. Williams Chief Operating Officer
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