GameStop soars its shares again: they reach more than double in value before closing

This is the first notable rise in shares since February 4, leading the stock market to suspend its listing.

GameStop and his actions have starred in one of the most famous stories of so far this year, if not the most. One that is still giving its last blows. Recall that, in early 2021, investors participating in the Reddit forums agreed to buy actions from the chain of stores in large quantities, skyrocketing their prices massively – from $ 17 to more than $ 480 per share in a few days – and causing billion-dollar losses to funds holding short positions about their actions.

The value of their shares doubled just before closingWell, this morning GameStop shares have resurfaced suddenly in the last moments of the market. So much so that the New York Stock Exchange has been forced to suspend the listing of GameStop on several occasions given its volatility, as reported on Business Insider. Specifically, the value of GameStop shares it’s been duplicated during the 30 minutes prior to the market closing, growing by 104% before they were stopped, to reach $ 91.71 per share.

The reasons for this sudden growth? It is still not clear why, although media like El Mundo they speculate that is related to the termination of Jim Bell as the group’s chief financial officer. Business Insider sources claim that the executive was forced to resign under pressure from Ryan Cohen, founder of Chewy and the most recent member of the board of GameStop, who since 2020 has advocated for great changes in the company’s business model to focus on digital selling.

A half hour of sudden growth that, in many ways, remember the events experienced in January, given that this is the first notable growth peak in its shares since February 4. For its part, the United States Congress continues its investigation into the GameStop case. And last week, they brought Robinhood co-founder Vladimir Tenev, Citadel director Ken Griffin, and to the creator of the Reddit forum origin of this story, Keith Patrick Gill.

It is a complex case, and as we see today, of a fight in the bag that is not yet over. One with great cinematic appeal, apparently, since Hollywood production companies were quick to announce films based on it. And if you want to delve into the origins and their reasons, in this article we explain the 5 keys to understanding the GameStop case.

More about: Gamestop, Stocks and Investment.