GameStop stocks and other stocks popular with members of Reddit’s WallStreetBets forum soared Thursday as investors bought stocks that fell in price in the previous session.
Shares of video game retailer GameStop gained 52.69% to $ 183.75 each in New York with heavy trading volume, erasing Wednesday’s 33.8% plunge after the company said it was evaluating the possibility of a paper sale.
GameStop stock volatility has soared this year, after they rose from just $ 18.84 in late 2020 to a record high of $ 483 in late January, before falling sharply and then starting another rally in late February. .
The company has benefited from buyouts from investors, such as Reddit members, who have boosted stock prices with lots of short positions.
Investors are watching the efforts of Chewy founder Ryan Cohen, who sits on GameStop’s board of directors, to transform the retailer into an e-commerce company that can compete with big rivals like Target and Walmart.
Shares of headphone maker Koss Corp gained 57.13 percent and theater operator AMC Entertainment 21.29 percent.
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