GameStop Shares Jump 53% as Investors Push Retailer into E-commerce

GameStop shares closed up 52.7% at $183.75, after reports to transform the retailer into an e-commerce company.

The video game retailer's shares remained down 8.2% for the week after a report late Tuesday saying that  the U.S. company was assessing the possibility of selling its shares.

GameStop shares are up 875% since January 2021, although it is still far from its high of $483 later that month, after hitting $187.50 on late trading.

The company has taken advantage of a push by small investors, often on Reddit, to raise the prices of the "undervalued" stocks. Meantime, some reports indicated that citizens used the stimulus money to make profit through trading.

Investors are also looking to the efforts of billionaire and co-founder of Chewy, Ryan Cohen to transform the retailer into an e-commerce company that can compete with Target Corp and Walmart.