in its digital transformation. GameStop shares were down over 5% Tuesday to around $155 apiece, putting the company's market cap at nearly $11 billion.
The stock remains up almost 730% year to date and more than 2,600% in the past 12 months. At this time last year, GameStop shares traded below $5. Miller, founder and chief investment officer of Miller Value Partners, said his firm has shied away from GameStop and other so-called meme stocks that are popular with investors who are active on online message forums.
"They're not of interest right now because they're in the grip of the Reddit crowd and you're not able to actually analyze them in the same way you're able to other things because the price is dominating the fundamentals," said Miller, who managed a fund that beat the, saying that demand continues to outpace supply of the world's largest cryptocurrency by market value. "That's all you really need to know, and that means it's going higher," he said.
Source: News Formal (newsformal.com)
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