GameStop is the holy grail for gamers when it comes to buying and selling games. But, in recent times, GameStop is coming to be known for something else entirely.
Now, GameStop like a platform for making money. Power of Reddit, I guess. Recently, GameStop stock hit an all-time high, before its ultimate nemesis.
Gamestop is expected to lose money this year and next year. Sales growth is sluggish as more infrequent gamers need to go to stores. Why even shop online — when they can download new titles directly from their consoles, PCs, phones, or tablets. So why are shares of the video game retailer up more than 275% so far in 2021?
The company can acknowledge a dependable group of investors on Reddit. These Redditors continue to uphold the stock even as many others on Wall Street have debated that the shares are overvalued and due for a definite decline.
GameStop shares were trading at $257 after hours, down significantly from an intraday high of $482. Shares of AMC Entertainment were at $10.90 after hours, a drop of one-third from intraday highs, while BlackBerry was trading at $16.50, a drop of about a quarter from its peak that day. Source: CBS
GameStop shares dropped 44% on Thursday after Robinhood, and other stock-trading platforms halted trading for numerous hours.
The struggling video game company’s stock has been making stupefying moves this month in a climax that appeared to pit deep-pocketed Wall Street investors against a group of anonymous day traders posting on Reddit. The frenzy hit new heights Thursday when trading platforms including Robinhood, E*Trade, and Interactive Brokers halted trading for GameStop, AMC Entertainment, BlackBerry, and other stocks recently popular with retail investors.
GameStop shares were trading at $257 after hours, down significantly from an intraday high of $482. Shares of AMC Entertainment were at $10.90 after hours, a drop of one-third from intraday highs, while BlackBerry was trading at $16.50, a drop of about a quarter from its peak that day.
Meanwhile, the trading action has caught the attention of lawmakers in Washington, D.C. Democratic Senator Elizabeth Warren of Massachusetts has called for greater regulations of market rules. Senators Sherrod Brown, a Democrat from Ohio, and Ted Cruz, a Republican from Texas, both condemned the trading platforms’ move against individual investors as undemocratic. Source: CNN