The Gamestop ride continued today as the company's share prices rose to a new high of $148.
#GAMESTOP SHARE PRICE UPDATE#
I've emailed the company for comment, and will update if I receive a reply. It's interesting to note that all of this was simply the machinations of the market, and that GameStop itself has essentially been an observer throughout. I have no idea where it will go from here, but even if it ends up at just half of where it currently is, that still puts the price well ahead of where it was when this ride began-and leaves short-sellers in a tough spot.
But, here we are."Īfter peaking at $144 earlier today, GameStop's share price has been bouncing between $65-80, a big drop but still way above where it was trading two weeks ago.
#GAMESTOP SHARE PRICE HOW TO#
"This means they have no idea how to counter the plan because it is based on positive sentiment, 🚀 emojis, and buying the one stock they were sure nobody wanted anymore. Hedge funds compete against hedge funds," one redditor said.
Without r/WallStreetBets, that doesn't happen." The Reddit stuff is material, because it led to Gamestop being the most traded stock on the market on Friday. They are creating signal above the noise. "Think of it like amplifying any other kind of trolling. "Reddit definitely helped push it higher," Futter said. The increased visibility brought about by "the Reddit effect" drove trade volumes even higher. GameStop's price went up so rapidly, Futter said, because a relatively large number of people, including conventional investors wanting to get in on a hot stock and short-sellers needing to cover loans being called in, were suddenly trying to buy a limited number of shares in the company. It could quite literally have been ANY company." "They aren't interested in GameStop as a company. He also clarified that the subreddit's actions had nothing to do with propping up an ailing company out of some bizarre sense of nostalgia, or with videogames in general. "The WallStreetBets subreddit (largely daytraders) decided to mess with them and make some quick money," industry analyst and consultant Michael Futter told me. That may have been a strategic mistake, because shortly afterwards, Reddit got involved.
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