(Reuters) – GameStop Corp’s Frankfurt-listed shares tripled on Thursday at one point, surpassing the 100% rise in video game retailers on Wall Street overnight as European retailers joined the new purchase.
GameStop shares rose up 240% in premarket trading and rose 210% as of 0741 GMT.
The rise comes after a couple of weeks that saw stocks move in relatively smaller ranges.
“It’s a marathon, not a sprint. Whatever happens, resist the urge to sell. The longer we hold out, the higher it is, ”said @ catchme1fyoucan, a user in Italy of the eToro retail platform, in a discussion on GameStop.
Analysts were unable to identify one of the reasons for the strong action, but at least one ruled out a small squeeze that had triggered the “Reddit rally” in January when amateur investors piled on stocks against which hedge funds they had bet.
Some Twitter users cited factors such as options trading and the resignation of GameStop chief financial officer Jim Bell announced Tuesday.
GameStop’s U.S.-listed shares soared close to 104% on Wednesday and stopped several times at a rally that began after 1930 GMT. They jumped another 85% after hours.
German shares of film operator AMC Entertainment, another stock favored last month by individual traders on online discussion forums such as Reddit’s WallStreetBets, jumped 41% after its US shares rose 18% on Wednesday. .
Report by Sagarika Jaisinghani in Bengaluru and Danilo Masoni in Milan; edition by Subhranshu Sahu and Jason Neely