No, it’s not Groundhog Day! If you thought the GameStop (GME) saga was over, you might want to check out the stock markets again.
The video game retailer saw its shares jump by around 40% on Wednesday amid a new rally initiated by the usual culprits – Reddit’s WallStreetBets investors, that is. GameStop’s trading then dropped substantially after the spike, causing trading of its shares to be halted a few times.
Unless it’s déjà vu, while the sudden surge wasn’t prompted by any new official announcement, GameStop did announce recently that it was working on a strategic plan to speed up its digital transformation into a specialized e-commerce firm. Either way, GameStop sure isn’t complaining about the extra publicity!