Due to the wild jump and the large volume, trading in the stock was halted twice. Just before the Wall Street close, the price had risen to $ 91.70, up 104% from Tuesday’s close.
And after-market trading also went wild, adding another 30% to $ 119. Volume was at its highest level since February 5, at 50 million shares, according to the Financial Times.
There was not yet a good reason for the increase. It was announced that financial CEO Jim Bell will leave at the end of March, but the race did not respond much to that earlier in the day.
The American games store stock has been the favorite pastime of a rapidly growing group of investors on online forum Reddit for several weeks now. They pushed the price sky high to thwart hedge funds.
They were in fact ‘short’ in the stock, and therefore speculated on a fall in price. But as investors moved together and bought millions of shares and options, the price rose. Hedge funds suffered billions in losses as a result.
Other stocks popular on the Reddit forum WallStreetBets also moved up in the wake of GameStop. Cinema operator AMC climbed 18%, BlackBerry’s share gained 9%.
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