GameStop Corporation, a video game retailer company is rolling in the money these days. The share price of the company’s stock continues to increase for the eighth consecutive day. It is expected to increase by 10% in the coming days.
The main reason that has triggered the surge in GameStop’s stocks is the announcement regarding the Holiday Sales and the entry of new board members.
The news of activist investor and the founder of “Chewy “Ryan Cohen along with his two fellow associates – joining the Board of Directors at GameStop has triggered a sudden spike in the share price.
Wedbush analyst, Michael Pachter had predicted a significant short interest rising up to 138% in GameStop shares last week. This prediction garnered many new investors to buy GameStop shares.
The company’s stocks are showing a bullish trend right now. All the investors, who had been rooting for the company, are the real beneficiary.
The price of the share has soared to 100%, and it will continue to rise in the coming two weeks as predicted. This new surge in the share price has driven out the short-sellers, and the long-term ones are in the lead, thus raising demand for the shares.
More than 55 million GameStop shares have been traded in the last two days – that is about 5 times more than the average daily volume recorded in December 2020.
High trading volume is a reward of a short squeeze, and this was evitable in the market trends yesterday.
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GameStop (GME) stock saw the largest ever one-day share surge in years. It increased by a massive 57% in one session. This was termed as a long-buying tsunami haul by the investment analysts.
GameStop Corporation is a merchandise retailer of video games and other consumer electronics. It was established in 1984 and has its headquarters in Texas. The company has a presence in Canada, Australia, New Zealand, and many countries of Europe.