A man watches GameStop on 6th Avenue on February 25, 2021 in New York City.
John Smith | Corbis News | Getty Images
On Thursday, GameStop won a five-day streak with a sharp rise as the company’s shares rose more than 50% and showed its wild changes are not over yet.
Shares plummeted 33% in the previous session after the company reported disappointing fourth-quarter results and failed to provide detailed details on its investment plans. The company also revealed that it was thinking of selling more shares.
This was the fifth consecutive negative day of the shares after closing near $ 210 per share on March 17th. Shares rose 52.7% to close at $ 183.75 on Thursday.
There was no apparent news pushing Thursday’s price action. GameStop has been the most prominent “stock meme,” which is popular with retailers on Reddit and other social networking platforms.
The famous GameStop shot up over $ 400 per share in January before falling about 90% in less than a month.
Other popular Reddit trades also advanced on Thursday, with Koss up 57% and AMC Entertainment up 21%.
GameStop is a traditional brick-and-mortar retailer trying to get into e-commerce, led in part by Chewy board member and co-founder Ryan Cohen. Most recently, the company hired Jenna Owens, a former Amazon and Google executive, as the new chief operating officer.
The company, which has been largely silent on violent stock price rotations this year, has seen various executive roles change as the company prepares for its transition.