Gamestop Corporation (GME)

[MWM]

$GME let me tell you about a story in 2019...

nasdaq.com/articles/gamesto...

$GME let me tell you a story...

“You might think these results would be reason to run for the hills, but GameStop's management also made a move that could actually make shareholders very rich one day -- that is, if the strategy works out.

Buying back one-third of the company

Even with these dismal results, GameStop's stock price had already reflected a lot of bad news, trading below its liquidation value for much of the quarter. Seizing the opportunity, management bought back a whopping 22.6 million shares for $115.7 million in the quarter, at $5.11 per share. This followed a summer tender offer and more share buybacks earlier in the year, bringing the 2019 buyback total to 34.6 million shares for $178.6 million, at an average price of $5.14 per share. By quarter's end, there were only 67.8 million shares outstanding, down a huge 34% on the year.”