After falling out of the headlines following an unprecedented surge coordinated by Reddit traders, GameStop stocks came roaring back on Monday as the price hit its highest point since February 1. However, this time around, there’s actually an easier explanation that doesn’t involve diving into the intricacies of short selling, and so far, there are no signs of another Congressional hearing. While the attention of Reddit traders continues to be a factor even a month later, the video game retailer is handing over the reins of its e-commerce business to Chewy Inc. founder and activist investor Ryan Cohen, which apparently caused Monday’s stock price to rocket.
Via Yahoo! Finance:
GameStop’s market value jumped to $13.6 billion as retail investors praised Cohen’s move on social media sites like Twitter and Reddit. The swing in the retailer’s size is still a far cry from the $33.7 billion value it hit on on Jan. 28 when it briefly became the largest company in the Russell 2000 Index.
GameStop’s rally marked a fourth day of gains, which has resulted in a 65% climb for the retailer compared to the broader market’s roughly 1.3% decline. Monday’s jump came as trading volume roared back. With more than 62 million shares changing hands, volume was almost double what had been seen in the past week.
While this latest development might not be as exciting as the initial surge that’s currently spawned nine film projects and counting, watching GameStop stocks continue to subvert expectations will never get old on social media where people are always ready to bust out a meme or just straight marvel at the fact that the seemingly doomed for extinction retailer is still the talk of the financial world.
GAMESTOP CLOSES UP 41% AT $194.50, HIGHEST SINCE FEB. 1
everything is so broken
— zerohedge (@zerohedge) March 8, 2021
If you had invested your $1,200 stimulus check in GameStop on April 15th, you would have $44,288 today.
— John Pompliano (@JohnPompliano) March 8, 2021
when you start profiting on your gamestop stonks pic.twitter.com/LjDEhDQ2X8
— Nick the anti-fascist cat guy (@nickthecatguy) March 8, 2021
UPDATE: Gamestop closed today at $194 per share.
The internet always wins.
— Pomp (@APompliano) March 8, 2021
$AMC $GME #GME #AMC and GameStop Investors currently like pic.twitter.com/6wzly1rwCJ
— Bark! HOLD $AMC (@DoubleDogg3) March 8, 2021
(Via Yahoo! Finance)