GameStop Corp. s stock price extended its sudden resurgence Thursday as retail traders piled back into the stock after cues from a cryptic Twitter message and a short-seller report.
The video game retailer, whose stock briefly doubled in price midday, ended the day with a gain of 19% to $108.73 a share the highest price since Feb. 1. This comes after it more than doubled in the final 90 minutes of trading Wednesday. Other favorites of traders populating Reddit forums also soared, having fallen far from the highs of last month’s buying frenzy.
“Most people who go to a casino, even if they end up losing, will return as long as they had a win streak at some point. With GameStop, they are back,” said Craig Birk, chief investment officer at Personal Capital.
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