Is GME Stock A Buy After The Stock Split?

GameStop surges on plan for potential stock split
GameStop (NYSE:GME) jumped 18% in after hours trading after it said it will ask holders to approve an increase in the number of authorized shares at its upcoming annual meeting so it can implement a stock split.

The video game retailer is looking to increase the number of authorized shares of Class A common stock to 1 billion from 300 million to implement a stock split in the form of a stock dividend, according to an 8-K filing. GameStop’s board approved both stockholder proposals, but the stock dividend will be contingent on final board approval.

GameStop said the split would help "provide flexibility for future corporate needs."

GameStop's shares have risen 13% year-to-date prior to the after hours rally after being driven up by "meme stock" trading activity over 2021. The stock split follows Monday's announcement from Tesla (TSLA) that it will pursue a split n the form of a stock dividend.

Last week it was disclosed that GameStop Chairman Ryan Cohen increased his stake to 11.9% from 11.8% by adding 100,000 shares of GameStop (GME) at prices ranging from $96.81 to $108.82.

GameStop short interest is 20%.

Retailer Bed Bath & Beyond (BBBY), which is also sometimes seen as a "meme stock" and last Friday announced a settlement with Cohen as he pushes the company to consider a sale of its buybuy BABY business, rose 4% in after hours trading. Fellow meme stock AMC Entertainment (AMC) gained 4.1% in after hours trading. https://seekingalpha.com/news/3819551-gamestop-surges-on-plan-for-potential-stock-split

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