in ,

GameStop Shares Jump

gamestop-shares-jump

GameStop Corp. shares surged Monday, continuing an epic journey for the videogame retailer.

The stock jumped 13% to $46, reversing a string of losses to post its biggest gain in more than two weeks. The shares have lost about nine-tenths of their value since cresting at $483 in intraday trading late last month.

The latest large swing in the company’s shares comes after Keith Gill, the man behind the Reddit-driven frenzy in GameStop stock, disclosed a larger stake in it late Friday. A new screenshot posted on Reddit by DeepF—ingValue, his online username, showed that he bought an additional 50,000 shares, bringing his total stockholdings to 100,000 shares, worth roughly $4 million as of Friday, The Wall Street Journal reported.

The aggressive GameStop position has already made Mr. Gill a millionaire and a hero to many individual investors, particularly those on Reddit’s popular WallStreetBets forum.

The latest activity is a sign that the wild ride for GameStop isn’t quite over.

What do you think?

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

Loading…

0
gains-in-small-stocks-highlight-investor-exuberance

Gains in Small Stocks Highlight Investor Exuberance

texas-blackout-boosts-australian-bank-by-up-to-$215-million

Texas Blackout Boosts Australian Bank by Up to $215 Million