By Sinéad Carew
(Reuters) - Shares of GameStop soared 16.3% on Tuesday after hitting their highest level since late March, and other so-called meme stocks also rallied as investors shifted back into the retail favorites that had notched big gains earlier in the year.
The video game retailer s shares finished at $209.43, marking their first close above $200 since March 19. Shares of AMC Entertainment Holdings ended up about 20% while Koss Corp gained 22.9%. Once it goes over $200 the buzz starts, said Dennis Dick, head of markets structure and proprietary trader at Bright Trading LLC. You can 100% peg it to social media.
GameStop s shares and those of other stocks popular on forums such as Reddit s WallStreetBets have climbed in recent weeks, a move that has come amid a broad sell-off in Bitcoin and other cryptocurrencies, another investment popular among individual investors.
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(Reuters) - Shares of GameStop Corp rose 18% on Wednesday, snapping a seven-day losing streak to post their biggest one-day increase since March 25.
The video game retailer s shares closed at $166.53 with trading volume that was more than twice the stock s 10-day moving average. Other so-called meme stocks - shares favored by the denizens of online communities such as Reddit s WallStreetBets - were also volatile on Wednesday.
Some supporters of the stock pointed to a late-Tuesday announcement that the company was voluntarily paying back $216 million in debt early as a catalyst for the gains.
The company s shares rose in aftermarket trade on Tuesday following the announcement. Price gains and trading volume accelerated late Wednesday morning.
Shares of GameStop Corp slid further in early trade on Tuesday, continuing a slump that has seen the videogame retailer s stock shed a third of its value so far this week.. | March 18, 2021
Shares of GameStop jumped more than 40% on Monday and other so-called meme stocks rallied, lifted by news from the video game retailer and expectations that investors may plow funds from coming. | March 12, 2021