GameStop shares, which doubled their value on Wednesday, hit US$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 18.5% gain, after soaring almost 90% at the session peak.
Other"stonks" or"meme stocks" popular on sites such as Reddit's WallStreetBets also saw their rallies fade. Headphone company Koss Corp closed up 16.8% gain after rocketing nearly 61% during the session. AMC Entertainment ended down nearly 9% after jumping more than 15% during the session. The number of GameStop shares shorted stood at 15.47 million, analytics firm S3 Partners said Thursday, with short interest accounting for 28.4% of the float, compared with a peak of 142% in early January.
"All of these stocks are once again rising together. It demonstrates that there is nothing intrinsic in the companies themselves," he said. The surge came after Reddit trader Keith Gill, who runs the YouTube channel Roaring Kitty, bought additional GameStop shares last week. Last week, Gill testified in the U.S. Congress:"I like the stock," words since quoted by hundreds of online followers and featured in memes on financial sites.
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