Reddit investing group triggers crypto-style 860% rally in GameStop stock
The recent 860% rally in GameStop’s stock price shows social investing groups’ ability to trigger whipsaw asset volatility is not just limited to cryptocurrencies. Since Jan. 22 GameStop has been attracting a lot of attention from the mainstream news as the stock (GME) for the popular video game retailer rallied 860% from $17.40 on Jan. 4 to a high of $159.18 on Jan. 25. On Jan. 25 GME pulled back 51.70% from its high to close the day at $76.79 but what lies behind the massive upsurge warrants closer inspection. While solid fundamentals often lead to price breakouts in both stocks and....
Related News
A campaign by members of a Reddit investor forum have caused GameStop stock to spike to record levels in the last week.
Reddit’s Wall Street Bets is beating hedge funds at their own game. Crypto exchange FTX has listed GameStop, the global videogames retail chain, after the stock became by far the most popular choice on Reddit’s infamous Wall Street Bets, a community dedicated to trading stock market options.The FTX listing on Wednesday morning allows crypto traders to get in on the action as well. The offering comes as part of FTX’s tokenized stocks program, which features both spot and futures markets for popular stocks and indices. This allows crypto traders to get exposure to stocks using crypto and....
The video game retailer had its own GME Army pushing the price of the stock to an all-time high before platforms stepped in. Reports are coming in this morning that trading app Robinhood has suspended trading for Gamestop stock and others after GME's price surged in a Bitcoin-like parabolic rally. Unless you've been living under a rock, you'll know that average Redditors proved their investing power going up against major Wall Street traders short selling GameStop stock. Largely fueled by small-time investors pushing back against large hedge funds, the price of the stock has risen more....
After skyrocketing above $370 following the Reddit-driven short squeeze, GameStop shares are now trading at around $160. GameStop Corporation, an American gaming and consumer electronics retailer, has announced its plans to sell up to 3.5 million GME shares following the stock’s massive and controversial rally.The firm announced Monday that it has filed a prospectus supplement with the United States Securities and Exchange Commission, under which it may offer and sell up to 3.5 million shares of GME stock via an at-the-market, or ATM, equity offering program. GameStop said that its total....
A new survey shows that teens still receive more persuasion from investing in the stock market, yet, the cryptocurrency sector has become more popular than other alternatives such as real estate. Researchers tried to probe the perceptions of teens in North America on cryptocurrency industry, the stock market. They also included other investments types in the era of high-octane GameStop. The research result revealed that the cryptocurrency industry took the lead ahead of other asset classes like real estate. For example, one in four teens prefers cryptocurrency investment if given enough....