- GameStop Corp shares rallied on Thursday, finishing with double-digit gains despite a sharp retreat from session highs and leading a surprise resurgence of so-called “stonks” championed online by passionate retail investors. GameStop shares, which doubled their value on Wednesday, hit $160 at Thursday’s open before being halted after several minutes of trading and fell to around $129 before the second halt. The stock closed for the day at $108.73 for an 18.
“The power of the “three R’s” are back in play,” said Neil Campling, head of technology research at Mirabaud Securities. Some investors may be jumping on the GameStop bandwagon hoping to reap gains similar to turbo-charged advances of January and then sell the stock, said David Starr, vice president of quantitative analysis at Simpler Trading.
“It would be an easy acquisition for GameStop to tuck in right now,” Citron’s Andrew Left told Reuters in an interview. “Some people say it would be a ‘Hail Mary pass’ but I think it would be a major pivot.”More than 145 million shares of GameStop had changed hands by mid-morning, almost triple its 30-day average volume of 62 million, yet below the more than 190 million shares that traded hands daily in late January.
In January, GameStop shares skyrocketed by more than 1600% as retail investors, urged on by WallStreetBets, bought shares to punish hedge funds that had taken an outsized short bet against it.
The short squeeze is over. Y’all just trading money at this point. At least Bitcoin can almost be considered a commodity, this is just pump and dump. Keep those diamond hands, at least you’ll have a nice tax write off.
If the pandemic situation will not change, Gamestop will not generate more revenue and the stock price will fall back to it’s original value in a long-term. Short-term gimmicks will obviously be present in the upcoming weeks
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