GameStop stock has just jumped 100%, and WallStreetBets are ecstatic
GME shot up more than 100 percent this afternoon
GameStop’s up… by a lot again. The shareholders of video games began to soar before the market closed on Wednesday. GME closed at $91.71 — almost 104 percent a day.
The highest stock since it fell to Earth at the beginning of the month after the unprecedented, Reddit-fueled rally that had sent it a share of up to $483. During the afternoon, stock trading was halted twice.
What’s happening here isn’t exactly clear. But one party celebrates: r/WallStreetBets. The retail investment community is ecstatic about the results and welcomes the jump as evidence that the GME rollercoaster ride is not yet over. The community seems to be so interested that currently it hangs under the load of incoming traffic.
A number of events could contribute to the rise this week. For one, advocate of GME Keith Gill, known online as Roaring Kitty or with his more profane management u/DeepfuckingValue, was testified last week in an audition of the GameStop rally by the House Financial Services Committee to advocate his case as an everyday investor who just liked the stock. Late last week, the Wall Street Journal reported that Gill doubled its holdings of GME to 100,000 shares worth around $4 million.
Gill’s readiness to double his enthusiasm with GameStop could be one of the reasons for today’s rise in stock, but it is certainly not the only one. Former Chief Financial Officer GameStop Jim Bell announced yesterday that his resignation could be lower than amicable after the executive board “lost faith.” This might stimulate investor enthusiasm.
And finally, inexplicably and with a picture of a McDonald’s ice cream cone with a pink emoji, the Chewy founder, Ryan Cohen – a member of the GameStop board whose interest in the company facilitated his skyrocketing stock price. What might this have to do with a new rising GME inventory price? Who knows. Who knows. But I’m willing to believe anything at this point.