A tiny West Australian mining company has been caught up in the investing craze surrounding US company GameStop thanks to its ASX code matching that of the American video game retailer.
A local company that shares an ASX ticker with US retailer Gamestop has seen its shares surge 50 per cent.However, the skyrocketing price had nothing to do with the business’ quarterly update released last Friday nor the rising price of nickel. Instead, local participants of share trading groups on Reddit and Facebook had bought the stock as a joke due to its ticker’s similarity to popular US stock GameStop.
Mr Sullivan, who has been with GME for more than 15 years and has never set foot in a GameStop store, said company management immediately began to message each other to determine the reason for the spike. Users on ASXBets expressed equal parts bewilderment and excitement at the stock’s mighty surge, with one simply stating “free money boys”.
domp Profit-taking to cover short trading elsewhere
domp Reckless and exuberant hedge funds being taught a lesson by a bunch of retail investors with stimulus checks.....couldn’t script it better. This has nothing to do with GameStop. They’re just systematically squeezing the most shorted stocks. The domino effect could be huuuge.
domp 🚀🚀🚀🚀
domp This is getting insane.