One of Australia’s most revered investment houses sold a multi-million dollar position in the struggling US videogame retailer at the center of an international sharemarket frenzy this week, missing out on extraordinary gains triggered by a day trader revolt.
According to data from FactSet based on US regulatory disclosures, Paradice held around 1,833,000 GameStop shares as of September 30. GameStop’s shares hovered around $US17.50 to $US18.50 in December and into early January, but exploded as high as $US483 this week. Other local stocks have been boosted by users of an equivalent local Reddit forum ASXBets. A post on the site this morning touting $23 million zinc miner Ironbark sent shares up over 30 per cent after market open.
she expected many of the millennial investors behind the phenomenon were “here for a good time, not a long time” and may not be able to stomach a prolonged drop in markets.
RobinhoodApp manipulated the market in $GME by restricting the buying for Gamestop shares, but leaving the ability to sell the same. Thus enabling hedge funds to cover their shot positions, reducing the price to the stock. criminals
From Paradice to Parody.
Retailers aren’t buying it because it’s a good company. They’re buying it because it’s the most shorted stock on the market, with SI well over 100% of the float. Ignore the company, focus on the process and motive.
😂🤣
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Hahaha . Obviously don’t read Reddit
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