Why did the price of GameStop stocks jump so suddenly?
102 rows · Discover historical prices for GME stock on Yahoo Finance. View daily, weekly or monthly format back to when GameStop Corp. stock was issued.
Why did GameStop stock rise?
The last week of January delivered a shock to the market. After starting the month under $20 per share, GameStop stock shot up to a peak of $483, then drifted down a bit to close just below $330 per share. Hedge funds lost billions after betting that GameStop prices would go down, and the market as a whole had its worst week since October 2020.
Why is GameStop stock going up?
Feb 02, 2021 · GameStop has had an incredible run from $20 to $325 in the past 2 weeks, fueled by a combination of short squeeze and gamma squeeze. GameStop's short interest as a percentage of the float is over ...
How high did GameStop get?
Jan 28, 2021 · GameStop stock rose from $17.25 on the first trading day of 2021 to $347.51 earlier this week. That’s an increase of about 1,900%. …
How much did GameStop stock go up at its highest?
As of January 28, 2021, the all-time highest intraday stock price for GameStop was $483.00 (nearly 190 times the low of $2.57 reached 9 months earlier in April 2020).
What is the highest GameStop stock got to?
GameStop - Stock Price History | GMEThe all-time high GameStop stock closing price was 347.51 on January 27, 2021.The GameStop 52-week high stock price is 344.66, which is 91.6% above the current share price.The GameStop 52-week low stock price is 77.58, which is 56.9% below the current share price.More items...
How much did GameStop stock reach?
At the close of trading on January 27, GameStop Corporation's stock price reaching 347.51 U.S. dollars per share - or +134 percent compared to the day before. On December 30, 2020, the price was valued at 18.84 U.S. dollars per share....CharacteristicShare price in U.S. dollars01/12/2022128.0612 more rows•Jan 31, 2022
How much did GameStop rise?
GameStop shares jump after the Reddit favorite raises $551 million in stock sales. GameStop sold 3.5 million additional shares, raising $551 million to speed up the company's e-commerce transformation. Shares are up nearly 800% this year.Apr 26, 2021
What is GameStop worth right now?
Betting On GameStop Anyway And made the company worth more than $13 billion, which is more than about a quarter of the companies in the S&P 500.Mar 14, 2022
How much did hedge funds lose on GameStop?
Gabe Plotkin wasn't sleeping. His bets against meme stocks such as GameStop Corp. GME 0.05% were backfiring, and losses at his $12.5 billion hedge fund were mounting. Strangers angry about his wagers were bombarding him with threatening messages and texts.Jan 28, 2022
Who shorted GameStop?
Mohammad Hormozzadeh, a 31-year-old day trader in Brooklyn, N.Y., was one of those investors who directly registered shares. He expects the big short squeeze to hit GameStop later this year.Feb 5, 2022
Who owns GameStop stock?
Top 10 Owners of GameStop CorpStockholderStakeShares ownedThe Vanguard Group, Inc.7.65%5,837,633BlackRock Fund Advisors6.28%4,794,611SSgA Funds Management, Inc.2.17%1,653,929Geode Capital Management LLC1.01%773,8806 more rows
How much did short sellers lose on GameStop?
GameStop Short Sellers Extended Losses To $6.5 Billion In August.Sep 9, 2021
How did GameStop stock soar?
GameStop shares skyrocketed in January as retail investors, urged on by popular Reddit forum WallStreetBets, bought the stock as a way to punish hedge funds that had taken an outsized short bet against it.Feb 26, 2021
How high did GameStop stock go during the short squeeze?
About 9.7M shares of GameStop were shorted out of a total float of 40.8M shares on June 15, 2021… which calculates to a short interest ratio of 24.5%. This is still a high short interest ratio, but it is not nearly as high as it was at the start of the hype.Jun 29, 2021
How much did GameStop stock jump?
GameStop stock jumps after the original meme stock cashes in again with $1 billion share sale. A GameStop store is pictured in New York, January 29, 2021. GameStop shares climbed after the video game retailer said it sold 5 million additional shares, raising $1.13 billion in capital to accelerate growth.Jun 22, 2021
What is a citron?
Is Robinhood trading restricted?
Citron is best known for its “short reports”, which demonstrate through research and analysis that specific companies are likely to lose value . The firm bet against those companies by short-selling shares, and many large investors like hedge fund Melvin Capital followed Citron’s lead.
What happens when you short a stock?
The volume of trades exhausted Robinhood’s resources, and trading had to be restricted to stay in compliance with regulatory requirements. However, it appears that the damage is done, and many detractors have sworn off Robinhood in favor of alternative platforms.
When did Chrysler go bankrupt?
If you believe the shares of a company will fall, you "borrow" shares via your broker, sell them immediately, and then hope to "return" them by buying them back at a lower price, keeping the difference.
Who owns GameStop stock?
Many automakers were viewed as bankruptcy risks, and in fact, Chrysler filed bankruptcy in April 2009 and General Motors ( GM) followed a month later.
How many stores does GameStop have?
Despite GameStop’s bleak outlook, last year a well-known investor named Ryan Cohen increased his holdings of GameStop stock to more than 10% of the company, with hopes of transforming the mainly physical retailer into more of an online player.
What hedge fund lost money on GameStop?
GameStop (NYSE: GME) is primarily a bricks-and-mortar video game retailer with more than 5,000 stores. But this business model is frowned upon by many in the investment community due to both long-term and short-term factors. Long-term, fewer and fewer gamers actually journey out to physical stores to purchase their games.
How much did GameStop lose in 2020?
In fact, one hedge fund called Melvin Capital lost so much money on its GameStop short positions that it needed a capital infusion of nearly $3 billion to shore up its finances. And GameStop isn’t the only stock that has seen this kind of tug of war between retail investors and hedge funds lately. A few others include:
Is GameStop a dying company?
The company had a net loss of $18.8 million, or 0.29 per share. As a result of results like that, GameStop stock had been drifting lower for years. It was around $56 a share in late 2013, but had fallen to under $4 by March of 2020. Of course, that was before the massive surge.
How much stock did GameStop sell?
GameStop has suffer ed massive ly from these negative trends. And some have begun to consider it a dying business. In the third quarter of 2020 (the most recent reported), sales were about $1 billion, down 30% from the same quarter in 2019. The company had a net loss of $18.8 million, or 0.29 per share.
Why did GameStop stock fall?
As of January 31, executives at BlackBerry and GameStop had sold more than $22 million in stock since January 1. There is no allegation of insider trading among BlackBerry executives, according to CBS News. Three BlackBerry executives sold nearly $1.7 million of the company's stock, with one of the executives, Chief Financial Officer Steve Rai, selling all of his shares in the company excepting unvested employee stock options.
What happened to GameStop in 2021?
GameStop, an American chain of brick-and-mortar video game stores, had struggled in recent years due to competition from digital distribution services, as well as the economic effects of the COVID-19 pandemic, which reduced the number of people who shopped in-person. As a result, GameStop's stock price declined, leading many institutional investors to short sell the stock. On January 22, 2021, approximately 140 percent of GameStop's public float had been sold short, meaning some shorted shares had been re-lent and shorted again. Analysts at Goldman Sachs later noted that short interest exceeding 100 percent of a company's public had only occurred 15 times in the prior 10 years.
How much does George Sherman own?
In January 2021, a short squeeze of the stock of the American video game retailer GameStop ( NYSE : GME) and other securities took place, causing major financial consequences for certain hedge funds and large losses for short sellers. Approximately 140 percent of GameStop's public float had been sold short, and the rush to buy shares ...
Who owns GameStop?
GameStop CEO George Sherman owns over 2.3 million shares in the company, according to Bloomberg News. These shares were worth $44 million on December 31, but reached $1.1 billion when GameStop's stock reached $469, briefly making him a billionaire, before the value of his stock dropped to $901 million on January 29.
What is gamma squeeze?
However, investor Michael Burry, who had acquired a 3.3-percent stake in GameStop in 2019, criticized the short squeeze, stating that "there should be legal and regulatory repercussions", and adding "this is unnatural, insane, and dangerous".
What happened to Robinhood?
According to the Financial Times, a "gamma squeeze" also took place in addition to the short squeeze: as traders bet on the rise of stocks by purchasing call options, options sellers hedge their positions by purchasing the underlying stocks (here, GameStop and the related securities), thereby driving their prices even higher.
Here comes Cohen
A Robinhood customer filed a class-action lawsuit against the company on January 28 for halting trading on GameStop. The lawsuit, which was filed in the United States District Court for the Southern District of New York, claimed that Robinhood "purposefully, willfully, and knowingly removing the stock 'GME' from its trading platform in the midst of an unprecedented stock rise thereby deprived retail investors of the ability to invest in the open-market"; the lawsuit also accused Robinhood of "manipulating the open-market". Several other investors began using the app DoNotPay to automatically join the lawsuit.
The big squeeze
To understand GameStop's current stock market run, you have to go back to August, when investor Ryan Cohen bought in to a roughly 10 percent ownership stake in the retailer. Cohen is best known as the founder of pet food superstore Chewy.com, which sold to PetSmart for $3.35 billion in 2017.
The fundamentals
Whether Cohen can turn GameStop around or not, the investor excitement around his new strategy presented a problem for the many investors who had shorted the stock (i.e. borrowed shares that they expected to go down in value).
Promoted Comments
While Dopierala continues to be bullish on GameStop as a whole, even he admits that the company's transformation "may not happen as quickly as suggested by the current stock price." Analyst consensus suggests GameStop could settle at a price of around $10 a share based on the fundamental health of the business.
How much did GameStop stock close on Jan 13?
"If GameStop takes practical steps to cut its excessive real estate costs and hire the right talent, it will have the resources to begin building a powerful e-commerce platform that provides competitive pricing, broad gaming selection, fast shipping, and a truly high-touch experience that excites and delights customers."
How much is GameStop down in 2020?
Some retail traders jumped on GameStop's announcement, and in just a few days the stock closed at $31.40 a share on Jan. 13 -- a spike of more than 50% since the Jan. 11 announcement.
How many members are there in GameStop 2021?
In early December, GameStop reported that net sales plummeted in the third quarter of its fiscal year 2020, down more than 30% compared to the same time period in 2019. The retailer attributed this drop in sales to a number of reasons, including an "11% reduction in the store base."
Who are the directors of GameStop?
On Jan. 27, the group had some 3 million members. By Feb. 3, it had more than 8 million. Here is a timeline of how the GameStop saga unfolded. GameStop store logo on 14th Street at Union Square, Jan. 28, 2021, in New York City.
Who plays Michael Burry in The Big Short?
GameStop announced in early January that it was appointing three new directors -- Alan Attal, Ryan Cohen and Jim Grube -- to its board. Cohen is the founder and former chief executive of the e-commerce platform Chewy and one of the largest shareholders in GameStop through the private firm he operates, RC Ventures.
Who is the CEO of SpaceX?
Gill and other members of the forum also cited the bullish GameStop stance of Michael Burry, the legendary trader who was portrayed by Christian Bale in the 2015 film "The Big Short," as fuel for their investment choices.
Who is Josh White?
SpaceX owner and Tesla CEO Elon Musk appears on the red carpet for the Axel Springer award, in Berlin, Germany, Dec. 1, 2020. Just after markets closed on Jan. 26, Elon Musk tweeted the term used heavily in the Reddit page to refer to GME -- "Gamestonk!!". -- and a link to the r/wallstreetbets forum.
