Take-Two Stock Surged in Anticipation of GTA 6 Announcement
Take-Two Interactive shares surged as much as 9.4% in premarket trading Wednesday, as investors received the first confirmation that the next installment in the Grand Theft Auto franchise is on the horizon. The company is slated to report its fiscal second-quarter 2024 earnings after the bell.
Take-Two has suggested it could launch in 2024. The company in May said it will enter its next phase of growth in fiscal 2025, which begins in April 2024, as it plans to “deliver several groundbreaking titles that we anticipate will set new standards of quality and success and enable us to deliver over $8 billion in Net Bookings and over $1 billion in Adjusted Unrestricted Operating Cash Flow.”
GTA V was announced in 2011 and released in 2013. It remains popular 10 years later.
The current release of the game, “Grand Theft Auto V,” is the second best-selling game of all time by units sold after Microsoft
-subsidiary Mojang’s Minecraft. It’s developed by Take-Two subsidiary Rockstar. Rockstar’s franchises, which include Grand Theft Auto but also Red Dead Redemption, have helped fuel Take-Two’s share price growth and $23.16 billion market cap.
Earlier this year, the company signaled that 2024 and beyond would be a “significant” period for the company.
Investors and consumers alike have long awaited the release of the next Grand Theft Auto game. GTA V was lauded for its graphics and playing style, and to this day continues to contribute ongoing revenue to Take-Two through its online platform.
In August, when the company reported its fiscal 2024 first-quarter earnings, total net bookings grew 20% year over year to $1.20 billion. Among the largest contributors, the company said in a release, were Grand Theft Auto Online and Grand Theft Auto V.
Technical Analysist
Price Momentum
TTWO is trading near the top of its 52-week range and above its 200-day simple moving average.
What does this mean?
Investors have been pushing the share price higher, and the stock still appears to have upward momentum. This is a positive sign for the stock's future value.
Take-Two has suggested it could launch in 2024. The company in May said it will enter its next phase of growth in fiscal 2025, which begins in April 2024, as it plans to “deliver several groundbreaking titles that we anticipate will set new standards of quality and success and enable us to deliver over $8 billion in Net Bookings and over $1 billion in Adjusted Unrestricted Operating Cash Flow.”
GTA V was announced in 2011 and released in 2013. It remains popular 10 years later.
The current release of the game, “Grand Theft Auto V,” is the second best-selling game of all time by units sold after Microsoft
-subsidiary Mojang’s Minecraft. It’s developed by Take-Two subsidiary Rockstar. Rockstar’s franchises, which include Grand Theft Auto but also Red Dead Redemption, have helped fuel Take-Two’s share price growth and $23.16 billion market cap.
Earlier this year, the company signaled that 2024 and beyond would be a “significant” period for the company.
Investors and consumers alike have long awaited the release of the next Grand Theft Auto game. GTA V was lauded for its graphics and playing style, and to this day continues to contribute ongoing revenue to Take-Two through its online platform.
In August, when the company reported its fiscal 2024 first-quarter earnings, total net bookings grew 20% year over year to $1.20 billion. Among the largest contributors, the company said in a release, were Grand Theft Auto Online and Grand Theft Auto V.
Technical Analysist
Price Momentum
TTWO is trading near the top of its 52-week range and above its 200-day simple moving average.
What does this mean?
Investors have been pushing the share price higher, and the stock still appears to have upward momentum. This is a positive sign for the stock's future value.
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