GameStop Stock Surges to Record Highs As Investors Battle Redditors
Something weird is happening with GameStop stock in that it’s currently trading at an all-time high. But this isn’t a sign that GameStop has miraculously turned its fortunes around overnight. Instead, the stock surge is a result of a very strange confluence of opposing stock traders and dare I say, stock trolling.The video game retail chain saw its stocks jump to an all-time high of $76.76 per share today. Compared to last year when shares were trending as low as $3 a share. The 80% surge today from its already upward trending $43 per share opening price forced GameStop to temporarily halt trading according to Bloomberg.
How did this happen? GameStop’s stock (traded as GME) has been trending upward all January. But behind the scenes, the reasoning for the jump has less to do with GameStop’s actual business performances and more to do with a fight between short-sellers like Citron Research and the subreddit r/WallStreetBets.