GameStop shares were seen in volatile transactions on Monday after the multi-session concentration of the beloved meme stock last week, which had amassed massive gains.
Shares of troubled video game retailers had increased in early operations, rising about 7 percent after the opening bell, but then reversed the gain to nearly 16 percent to 223 dollars around 11:20 a.m.
The sudden drop reportedly halted trading on GameStop due to volatility before shares recovered in the early afternoon. It recently dropped about 5.5% to $ 250.01 as of 1:34 p.m.
The chainsaw session came after a week in which the price of GameStop shares rose 92 percent and reached levels not seen since the late-January market frenzy that shook Wall Street.
Monday’s wild moves didn’t baffle many novice traders on Reddit’s WallStreetBets forum, which has made the Texas-based chain synonymous with the retail investment revolution.
Some users said they planned to reclaim GameStop shares with the $ 1,400 stimulus payments (or “stimmy” checks) that the feds began falling into American bank accounts over the weekend.
“Jokes about hedges, this volatility makes me feel alive,” a Redditor named __Cofi__ wrote on Monday, who misspelled a slang term for hedge fund investors. “Buy another 5 shares. And my utensils haven’t even arrived! ”
The publications echoed a recent Deutsche Bank survey that reportedly found that about half of retailers between the ages of 25 and 34 planned to place 50 percent of their stimulus in cash. .
GameStop’s stock price also moved like a roller coaster last week, but ended up making strong gains after the company announced it had taken advantage of Chewy.com founder Ryan Cohen to lead its shift toward e-commerce.
Bulls believes Cohen, who joined GameStop’s board in January, will help transform it from a brick-and-mortar retailer into a successful digital gaming business.
Social media marketers have tried to gather suggestions about Cohen’s role in the company from his cryptic posts on Twitter. The most recent, published Thursday evening, presented a GIF of Jeff Daniels ’character from the 1994 film“ Dumb and Dumber, ”sitting in a toilet with pants around his knees and feet in the air.