Tuesday December 5, 2023

GameStop Trading Halted After Incredible Spike

  • At its high on Friday, GameStop was trading at $73.09.
  • GameStop shares are up more than 250% this month.
GameStop
Mickey Welsh -Advertiser
Linkedin
Copy Link
Link Copied
Link Copied

GameStop’s January surge continued on Friday.

The stock exploded more than 70% to end a week that saw shares of the retailer jump more than 100%. Trading on the stock was temporarily halted today because of volatility in a short squeeze as short sellers worked to prevent bigger losses.

Chewy founder Ryan Cohen’s increased investment bumped the stock up in late 2020, and his appointment to the GameStop board has inspired investors to pile money into the stock. 

GameStop has also become a darling for Reddit’s WallStreetBets, the community behind much of the surge — including the recent push to squeeze doubters. 

Short sellers expected the stock to fall back to Earth quickly, with Citron Research suggesting $20 a share will be a quick realization. At its high on Friday, GameStop was trading at $73.88.

More than 130% of its shares sold short, making it the most shorted stock in the U.S. market. Citron managing partner Andrew Left said he would stop commenting on GameStop and walk away from the stock.

GameStop has been on a run, gaining 209% last year and up nearly 250% this month.

Linkedin
Copy Link
Link Copied
Link Copied

What to Read

podcast thumbnail mobile
Front Office Sports Today

Premier League Sets New Bar with Media Deals

0:00
0:00

Featured Today

The College Football Playoff is considering rotating TV networks for the national championship game.

CFP Considers Super Bowl-Like Rotation For National Championship Game

Multiple networks could share rights to the championship game, sources told FOS.
Brett Favre
November 27, 2023

Favre Welfare Case Hold-Up? "AG’s Office Has Not Expressed Interest In Pursuing"

The DOJ interviewed Brett Favre in early 2020.
The future of the Pac-12 rests on a court decision.
November 24, 2023

The Pac-12 Plays Its Final Regular-Season Game. Then A Court Decides Its Fate.

The conference's future rests with a court decision.
Lane Kiffin
November 9, 2023

Ole Miss, Lane Kiffin Lawyers Argue for Dismissal of Player Lawsuit

FOS obtained audio of Lane Kiffin's interaction with the player behind lawsuit.

Careers

Powered By

Careers in Sports

Looking for a new job? Check out these featured listings and search for openings all over the world.
Wasserman
Multiple - USA Careers
Live Nation
Multiple - USA Careers
Saco Bay PT
Multiple - USA Careers
The swoosh logo at Nike Eugene.

Nike Misses Revenue Wall Street’s Projections, But Company’s Stock Soar

The company offset the shortfall by exceeding expectations in earnings per share.
June 30, 2023

Nike To Revive Kobe Signature Shoe Line

Late HOFer will again be the center of a signature shoe line.
The PGA Tour and PIF have a self-imposed Dec. 31 deadline to finalize their golf merger.
August 7, 2023

Saudi Arabia’s PIF Aims Higher With Launch of Sports-Focused Investment Company

The PIF has launched a new company, SRJ Sports Investments.
Sponsored

NHL’s Chris Foster on Amplifying Content Distribution With Automation

Learn how the NHL is using WSC Sports to increase fan engagement.
At Dick's Sporting Goods in Fairless Hills, Store Administrative Assistant Christine Vandfermay, of Philadelphia, restocks some Philadelphia Eagles items.
May 23, 2023

Dick’s Sporting Goods Sees Modest Growth, Less Foot Traffic

Dick's Sporting Goods saw a 5.3% increase in net sales in Q1.
Hellen Obiri of Kenya crosses the finish line to win the women's division at the 2023 Boston Marathon.
May 16, 2023

On Wants More Star Power, Visibility for Next Growth Phase

On is looking to grow through tennis and other verticals.
Topgolf
May 11, 2023

Topgolf Callaway Lowers Sales Expectations

Callaway cut its profit forecast for this year.
Endeavor
May 10, 2023

Endeavor Posts Record Quarter Amid UFC-WWE Merger Plans

Endeavor bought WWE in April, it also sold its IMG for $1.25B.