GameStop's trading volume slips to lowest level since early May

By James Rogers

GameStop shares skyrocketed during last month's meme-stock frenzy

GameStop Corp.'s trading volume fell to its lowest level in nearly eight weeks on Wednesday as the dust continues to settle after the recent meme-stock frenzy.

GameStop's (GME) volume was 17.43 million, its lowest since May 2, when volume was 8.65 million, according to Dow Jones Market Data. Trading volume was well below GameStop's 65-day average of 47.57 million.

Shares of GameStop ended Wednesday down 2.9%, and have fallen three of the past four days.

Related: GameStop investors ask about company path, capital raising at rescheduled annual shareholder meeting

GameStop shares soared last month following influential investor Keith Gill's return to social media and after a June 2 Reddit post from an account associated with Gill appeared to show him holding a big stake in the company.

Last week, GameStop CEO Ryan Cohen said he is focused on creating a "smaller network of stores" during the videogame retailer's rescheduled investor meeting.

The trading volume of fellow meme stock AMC Entertainment Holdings Inc. (AMC) was 17.31 million Wednesday, its lowest since Monday, when volume was 15.03 million. Volume was well below AMC's 65-day average of 57.91 million.

Related: Why Roaring Kitty is a GameStop 'true believer'

AMC shares ended Wednesday's session up 3.3%, but they have fallen in six of the past eight trading days.

Ciara Linnane contributed.

-James Rogers

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06-26-24 1706ET

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