GameStop mounts again from 10% of profits after earnings while retail investors come to rescue them

GameStop on Thursday staged an impressive intraday rebound in after-sales, as retail investors looked at the lack of clarity of investment plans and piled on the meme star.

Shares of the video game retailer last traded 1% higher at around $ 200 in heavy operations after losing up to 10.5% in its minimum session of $ 178 per piece.

The initial drop came as GameStop did not provide prospects for the coming quarters and details on its e-commerce transformation, which disappointed Wall Street analysts. But there were signs that small investors in the Reddit chat room decided to buy the deposit on behalf, increasing the shares.

GME was the single most popular mention on Reddit’s WallStreetBets forum, which surpassed previous stars of the Clover Health and SPY program (the stock market-traded fund that tracks the S&P 500), according to alternative research provider Quiver Quantitative.

GameStop was also Fidelity’s busiest trade at 2pm ET with almost three times as many purchase orders as sales, according to the broker’s website. Other meme stocks were also among the platform’s best buys, including AMC Entertainment, Vinco Ventures and Support.com.

In the afternoon trading, more than 6 million GameStop shares have changed hands, nearly doubling the average 30-day trading volume, according to FactSet.

Although GameStop fell short in terms of forward orientation, the retailer recorded a narrower loss in the second quarter and an increase in sales.