GameStop Value Surges Past $10 Billion as Shares Nearly Double
Bloomberg 1/27/2021 Bailey Lipschultz
(Bloomberg) The skyward march in GameStop Corp. accelerated Tuesday, its stock nearly doubling during exchange hours and then surging another 50% after being name checked in a tweet by Elon Musk. Its market value flew past the $10 billion mark via a year-to-date rally that is pushing 700%.
Thanks to the gain, GameStop is now worth more than 10% of S&P 500 stocks including American Airlines Group Inc., Under Armour Inc. and Invesco Ltd. It started the year with a market capitalization of $1.2 billion. Shares of the U.S. company listed on German exchange Tradegate gained 106% to $306 in early trading on Wednesday compared with Tuesday’s U.S. closing price of $147.98.
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GameStop Corp. extended its surge in premarket trading on Tuesday, albeit at a less intense pace than defined Monday’s wild ride.
The stock rose as high as US$100 before paring gains to trade at US$89.48 at 6:21 a.m. in New York. It closed 18 per cent higher at US$76.79 on Monday, briefly touching a record high of US$159.18, and has more than quadrupled this month.
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GameStop, which has turned into a battleground for short sellers and retail traders, triggered at least nine trading halts for volatility on Monday. Options trading has also surged.
GameStop s 400% rally puts market value atop some in S&P 500
Paul Jarvis, Bloomberg News VIDEO SIGN OUT
GameStop Corp. soared for a fourth straight session, catapulting the former small capâs market value beyond 14 members of the S&P 500, including Marathon Oil Corp.
The stock climbed as much as 32 per cent before trimming gains to put its market capitalization at about US$6.5 billion, more than the likes of Apache Corp. and Hanesbrands Inc. It surpassed insurance-provider Unum Group and refiner HollyFrontier Corp. on Monday.
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