FILE – A GameStop store in New York is shown on Jan. 28, 2021. What’s going on with GameStop’s stock doesn’t make sense to a lot of people. The struggling video game retailer’s stock has been making stupefying moves this month, wild enough to raise concerns from Wall Street to the White House. A post on Reddit late Sunday indicated that Keith Gill, a central character in the original 2021 meme stock crack, had built a sizeable stake in GameStop. Shares of GameStop were up 35.1% to $31.
Late Sunday, an account on Reddit with the handle Deep F- – – – – – Value shared a screenshot showing an account holding 5 million shares of GameStop stock, plus options to buy more. The total holdings were worth $181.4 million, as of Friday’s close, and the screenshot looked just like ones that the account had shared during the supernova run for GameStop in early 2021.
Conventional wisdom says a stock should eventually settle at a price that reflects how much cash the company is generating, where interest rates are heading and other factors. But in the short term, what sets a stock’s price is how much investors are willing to pay for it. And, on Monday at least, people are willing to pay much higher prices for shares of GameStop.This is the new age of investing, one where anyone can buy a stock with zero commissions simply by tapping a few times on a phone.
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