GameStop shares rise amid broader market chaos

GameStop (GME) shares were repeatedly halted on Thursday due to volatility. The stock rose 33% as investors crowded into the flagship “meme stock”. Shares of the video game retailer hit a daily low of $77.77 and hit 108.06 during the morning session.

Shares of cinema chain operator AMC (AMC), another retail trader favorite, also traded higher during the session.

GME and AMC have trended lower this year amid a broader market sell-off after the Federal Reserve began telegraphing monetary policy tightening.

GameStop has undergone a turnaround at the helm of Chairman Ryan Cohen, known in the WSB community as “Papa Cohen”. The former Chewy co-founder revamped the video game retailer’s C-suite last year. The company announced an NFT market initiative and plans for a stock split.

GameStop became the top action among WallStreetBets members last year amid a frenzy of “meme” actions in early 2021.

GameStop and AMC have trended lower this year amid a broader market sell-off after the Federal Reserve began telegraphing monetary policy tightening.

Today, short-term interest in GME sits at 21% of free float, a relatively high level compared to other stocks.

Ines is an equity market reporter. Follow her on Twitter at @ines_ferre

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