GameStop Corp (#GameStop) video game store chain shares soared by 46% during Monday’s trading on the New York Stock Exchange (NYSE), reaching $25.
The surge didn’t stop there, as on Tuesday the price reached up to $60 per share! Wednesday opened with a sudden downward gap, but by the end of the session, the price confidently recovered to $40. What will happen today?
The rollercoaster ride repeats itself with this stock after the sudden return to social media by YouTube streamer Keith Gill, known as Roaring Kitty. He posted a mysterious message on the X service (formerly Twitter), showing that he’s always in the know. Gill’s post garnered over 8 million views within hours of its late Sunday posting, marking his first post on the account since June 2021.
The surge in stock prices led to a so-called „short squeeze“ – a situation where investors betting against the stock and opening short positions are forced to buy stocks as their prices unexpectedly rise, contrary to their expectations. This situation further fueled the rise in shares, which appreciated by hundreds of percent. As a result, funds betting against the company’s stocks lost billions of dollars. Giacomo Pierantoni, Head of Data at Vanda Research, stated that the overwhelming majority of demand for shares now comes from retail investors. It seems that, as in January 2021, investors are betting against those shorting GameStop Corp (#GameStop) shares, notes MarketWatch.
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