Shares of GameStop closed at $265 following turbulent trading that saw them rise by as much as 41% to a peak of $348.50, a move some analysts said was accelerated by bearish investors unwinding bets against the stock.
Other stocks popular with retail investors in forums such as Reddit’s WallStreetBets also enjoyed outsized gains. Headphone maker Koss Corp soared more than 100% at one point and cinema operator AMC Entertainment jumped nearly 19% before erasing gains. FILE PHOTO: A GameStop store is pictured in the Manhattan borough of New York City, New York, U.S., January 29, 2021. REUTERS/Carlo Allegri
“As GameStop keeps going up, we are going to continue to see short-covering as more shorts reach their maximum pain threshold and are forced out of their trades,” Dusaniwsky said. GameStop bulls also hope for a profit boost from the transition to e-commerce for the video game retailer, led by shareholder and Chewy.com co-founder Ryan Cohen, who is on the company’s board. The company has said it would report earnings on March 23.
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