GameStop tumbled up to 228% higher on Thursday as a record profit in one day dwarfed more short sellers
The rise marks a fourth straight day for the game retailer after it posted an update to its board of directors on Monday GameStop has agreed with activist RC Ventures to add three new members to its board, including Chewy founder Ryan Cohen
Bullish Investors Were Largely Satisfied Stocks jumped 127% on Monday and made slight gains on Tuesday, but it wasn’t until Wednesday that investors betting GameStop closed their positions, generating more extraordinary gains when the shift resembled a brief push that occurs when Investors who sell for a stock end their bets to stave off losses
The stock nearly doubled before losing some gains. By the end of trading on Wednesday, stocks were up 574%, their highest level since August 2016
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The extent to which GameStop was trimmed likely played a major role in the stock’s rally, according to financial analyst S3 Partners, when short interest in the retailer’s shares came on Jan. January 135% This means that the demand for credit from short sellers exceeded the supply available in the market
While the short squeeze likely made up the majority of profits, Monday’s board shake-up sparked the week’s uptrend Cohen said in a letter to GameStop’s board of directors in November that the company was focusing more on online – Should focus sales and drop below average retail locations
« GameStop needs to evolve into a tech company that excites gamers and delivers exceptional digital experiences – rather than remaining a video game retailer over-prioritizing its physical footprint and stumbling across the online ecosystem, » he said
Cohen’s appointment to the board signals that such a transition is about to begin, and GameStop’s Christmas sales suggest the Chewy founder’s beliefs hold water when the company announced on Monday that net sales were down 3.1% versus 1% In the same period last year, online sales rose 309% and accounted for more than a third of GameStop’s Christmas sales
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GameStop, Stock
EbeneInfo – USA – GameStop rises 23% as rally fees up to 2 Days are short
Related title :
– > GameStop increases by 20% short squeeze rally fees until the 2nd Tag
– GameStop stock jumps after announcements of new board members
Source: https://www.businessinsider.com/gamestop-stock-price-short-squeeze-ryan-cohen-rc-ventures-gme-2021-1
