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Editor in Chief Mohamed Wadie

GameStop Shares Jump by 104%, Taking Reddit Bets by Surprise


Thu 25 Feb 2021 | 02:23 AM
Taarek Refaat

GameStop shares more than doubled in a late rally on Wednesday to jump 104% to $91.71, without an apparent trigger, to take traders on WallStreetBets forum "Reddit" by surprise.

GameStop shares rose more than 1,600% in January, as retail investors bought up the company's shares to punish hedge funds like Melvin Capital that took huge bets against the company. Melvin Capital said it lost 53% before closing its GameStop position.

Stones, favored by retailers, also rose in Wednesday afternoon trading, as well AMC Entertainment Holdings with shares rising 18%, while BlackBerry gained 9%, and shares of cannabis company Tilray gained 13%.

Keith Gill, a Reddit user and YouTuber known as Roaring Kitty, who had boosted stocks with his videos, repeated that he liked the stock, during hearings in Washington last week.

Yesterday, GameStop shares dropped 2.24% after CFO Jim Bell decided to resign on March 26.

GameStop’s shares are often referred to as one of the value stocks that have risen recently due to boosts from Reddit and other social media platforms.