GameStop shares jump a third on ‘meme stock’ rally
Shares in video-game retailer GameStop rose a third today as the firm recouped the losses it made earlier this week.
The firm is one of several so-called “meme stocks” popular with Reddit retail investors that have made rapid gains today.
Headphone maker Koss and cinema chain AMC have also seen big gains as the wallstreetbets forum continue to bet on unfancied stocks.
Volatility has been the name of the game for GameStop this year, with its stock fluctuating from high to low and back again.
In January GameStop was at the heart of an amateur trading frenzy on Wall Street that led to an unprecedented short squeeze.
The short squeeze, which was spearheaded by Reddit forum r/wallstreetbets, which describes itself as “like 4chan found a Bloomberg terminal”, sent shares up to $480.
However, they soon plummeted again, dropping back to $45 per share. Since then, the stock has been steadily climbing.
After today’s rally, it is currently sitting at $157, up 30.3 per cent on the day.