Meme stock frenzy: GameStop roars again with $5 9bn surge aljazeera.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from aljazeera.com Daily Mail and Mail on Sunday newspapers.
GameStop Wraps Up Worst Week Ever, Leaving $18 Billion Hole
Bloomberg 2/5/2021 Bailey Lipschultz
(Bloomberg) Even with Friday’s bounce, GameStop Corp. wrapped up its worst week on record as a stunning reversal of fortune wiped out $18 billion from the video-game retailer’s stock-market value.
Popular Searches
The stock fell 80% in the last five days, its worst weekly performance on record, to $63.77 in New York. The 19% gain on Friday after Robinhood Markets removed buying limits still left it far below last week’s high of $483 as retail trader demand and excitement across platforms like Reddit simmered.
GameStop’s market value slipped to $4.4 billion, a far cry from the $33.7 billion value it hit on on Jan. 28 when it briefly became the largest company in the Russell 2000 Index. AMC Entertainment Holdings Inc., which also had limits removed on trading, edged lower in Friday’s session and capped off its worst week on record with a 48% drop.
There are still 16 meme stocks with at least 100% gains in 2021
It’s a reminder that the wild ride may be far from over for these stocks. While $164 billion in value has been wiped from those 50 companies in a matter of days, data compiled by Bloomberg show, that came after $276 billion in market cap was added from the start of the year.
February 4, 2021
While it may seem that the “meme stock” mania is dissipating following GameStop Corp.’s $27 billion wipe-out, there are still 16 companies whose shares are up triple digits this year.
Of the 50 stocks that Robinhood originally put on its restricted list, roughly a third have doubled or more in price in 2021, while only six are lower year-to-date. Leading the pack is Naked Brand Group Ltd., whose shares are 546% higher this year. Koss Corp. is up 528% while GameStop shares are still hanging onto a gain of 317%.
Share:
GameStop Corp. (NYSE: GME) shares jumped Friday after Robinhood completely lifted restrictions on buying shares of so-called meme stocks, including GameStop and AMC Entertainment Holdings Inc (NYSE: AMC).
What Happened: GameStop shares have skyrocketed from under $20 to as high as $483 in recent weeks as online communities of retail traders, led by Reddit’s WallStreetBets, orchestrated a buying frenzy in an attempt to trigger short squeezes in some of the most heavily shorted stocks in the market.
The short squeeze in GameStop triggered heavy January losses among hedge fund short sellers and ultimately resulted in Robinhood making the controversial decision to temporarily ban and restrict buying in GameStop and other popular meme stocks in recent days.
GameStop Wraps Up Worst Week Ever, Leaving $18 Billion Hole
Bloomberg 2/5/2021 Bailey Lipschultz
(Bloomberg) Even with Friday’s bounce, GameStop Corp. wrapped up its worst week on record as a stunning reversal of fortune wiped out $18 billion from the video-game retailer’s stock-market value.
Popular Searches
The stock fell 80% in the last five days, its worst weekly performance on record, to $63.77 in New York. The 19% gain on Friday after Robinhood Markets removed buying limits still left it far below last week’s high of $483 as retail trader demand and excitement across platforms like Reddit simmered.
GameStop’s market value slipped to $4.4 billion, a far cry from the $33.7 billion value it hit on on Jan. 28 when it briefly became the largest company in the Russell 2000 Index. AMC Entertainment Holdings Inc., which also had limits removed on trading, edged lower in Friday’s session and capped off its worst week on record with a 48% drop.