In recent years, GameStop (NYSE: GME) has made efforts to expand its business beyond physical game sales and into areas like digital gaming, collectibles, and e-commerce. These initiatives could potentially position the company for growth in the future and diversify its revenue streams.
Despite still being up year-to-date by over 5% from the $17.20 trading price it started the year on, the stock is now down over -$4 and 18% changing hands at $18.20, falling from around roughly $24 high over a month ago. With such volatility and unpredictability, investors are turning to artificial intelligence (AI) technologies such as ChatGPT to forecast not only its price by the end of 2023 but also by the end of this decade.
Finbold posed the question to the AI tool to find a potential price range for the price of GME stock by 2030, although ChatGPT stated it “can’t make specific predictions about the future performance of GameStop’s stock” it, however, provide some general information about the factors that can affect the price of a stock over time.
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“For GameStop, factors such as changes in consumer behavior, competition from online retailers, and shifts in the video game industry could all potentially impact the company’s stock price in the coming years.”
It also noted that GME shares have been subject to significant volatility and media attention in recent years, partly due to the company’s high short interest and involvement with the “meme stock” phenomenon.
GME stock price prediction
When forecasting a stock’s future price range, relying on ChatGPT as a tool could be beneficial to an extent. However, it’s essential to consider other indicators, including deep learning algorithms, technical analysis, and price targets provided by stock market experts, to obtain a more comprehensive understanding of a stock’s potential future performance.
Notably, the custom algorithm based on deep learning from Gov Capital predicted the GME price in 2028 using variables such as volume changes, price changes, market cycles, and similar stocks. The stock prediction platform that uses machine self-learning technology projects GME will trade at $140 by March 3, 2028, a 672% increase.
Elsewhere, three analysts working on Wall Street have assigned GameStop a consensus ‘sell’ rating. Significantly, two have recommended a “strong sell,” while just one has opted to ‘hold,’ notably none recommended a ‘buy.’
The average price projection for GME stock for the next 12 months is $10.10; this represents a 45% downside from its current price at publication. It’s interesting to note that the maximum price forecast for the next year is $20, representing a gain of 8.87%.
While it’s impossible to predict the future trajectory of GameStop’s stock with certainty, GME will likely continue to be subject to rapid fluctuations and unpredictable price swings in the coming years.
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