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 skyrocket?
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?
On February 24, the GameStop stock price doubled within a 90-minute period, and then averaged in the neighborhood of $200 per share for another month. On March 24, the GameStop stock price fell 34 percent to $120.34 per share after earnings were released and the company announced plans for issuing a new secondary stock offering.
When did the GameStop stock thing start?
Apr 03, 2022 · Thanks to the internet and then online gaming, GameStop’s business model doesn’t make sense any more. The pandemic only added to …
When was GameStop stock the 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).
Why did GameStop stock price increase?
On December 30, 2020, the price was valued at 18.84 U.S. dollars per share. The cause of this dramatic increase is a concerted effort via social media to raise the value of the company's stock, intended to negatively affect professional investors planning to 'short sell' GameStop shares.Jan 31, 2022
When did GameStop stocks spike?
Jan 13, 2021: Stock surges more than 50% 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.Feb 13, 2021
When did GameStop stock go crazy?
GameStop's stock price has skyrocketed from where it was at the start of the year, at under $20, to nearly $350 at market close on January 27. The stock slid to under $200 at market close on January 28, the day Robinhood clamped down on buying it, and after that was lifted, the stock shot up again.Jan 29, 2021
Who made GameStop stock rise?
In late January, a band of Reddit-obsessed retail traders coordinated trades on heavily shorted stocks, created a massive short squeeze in GameStop, whose shares surged 400% at one point. The brick-and-mortar retailer traded at less than $20 a share at the start of 2021.Apr 26, 2021
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
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
What happened to GameStop March?
Amid the first COVID-19 lockdown in March 2020, GameStop stock dropped to a value of $2 to $4 per share, the lowest in the company's history. Much of this was due to GameStop stores being closed. The low value of GameStop's stock gave birth to an idea to manipulate the stock market.Feb 21, 2021
How long did GameStop take to squeeze?
GameStop is an American video game and gaming merchandise retailer, the shares of which closed at under $20 per share on January 12, 2021. In around 10 trading days, a series of short squeezes occurred making the stock price jump over 15 times, eventually resulting in a stock price as high as $500.Apr 11, 2021
Has GameStop been squeezed?
The trading frenzy in GameStop stock and the massive short squeeze that occurred in January 2021 dealt a 49% capital loss to the hedge fund in the first quarter of last year.Feb 12, 2022
When did WallStreetBets start GameStop?
2012Jaime Rogozinski, founder of the subreddit r/WallStreetBets: “I started WallStreetBets back in 2012 in an effort to fill a void for high-risk, high-return trades. I was 30 and single. I worked in a job that gave me decent -disposable income and I had the typical 401(K) for retirement.Mar 22, 2021
What day did GameStop squeeze?
Jan. 28At its all-time high on Jan. 28, the stock was worth $483 a share. GameStop came into the limelight two weeks ago when an army of retail investors who coordinated trades on social media pushed the stock up 400% in just a week.Feb 9, 2021
Who owns GameStop stock?
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.
How much did GameStop lose in 2020?
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.
What hedge fund lost money on GameStop?
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.
Is GameStop a dying company?
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:
Did hedge funds bet against GameStop?
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.
How much did GameStop stock close on Jan 13?
Several major hedge funds looked at GameStop’s books and decided that the company was doomed to fail eventually. So they bet against GameStop stock by shorting it. That means they borrowed the stock and sold it, hoping to buy it back later (and return it to the stock lender) after the stock price fell.
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.
Who are the directors of GameStop?
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."
How many members are there in GameStop 2021?
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.
Did Robinhood force the sale of their shares?
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.
Did hedge funds lose billions on GameStop?
In some cases, members reported that Robinhood forced the sale of their shares or cancelled outstanding orders. Robinhood’s decision to restrict GameStop trading drew heavy criticism across the board, with complaints from traders, members of Congress, and a wide variety of big names in business and entertainment.
How much stock did GameStop sell?
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. Retail trades were coming in so quickly that commission-free investing platform Robinhood had to limit buys for many of its members, prompting furious responses – and at least a dozen lawsuits. ...
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 $1.7 million of the company's stock, with one of the executives, Chief Financial Officer Steve Rai, selling all of his shares in the company excepting unvested employee stock options.
What happened to GameStop stock in 2021?
GameStop, an American chain of brick-and-mortar video game stores, had struggled in recent years due to competition from digital distribution services, as well as the economic effects of the COVID-19 pandemic, which reduced the number of people who shopped in-person. As a result, GameStop's stock price declined, leading many institutional investors to short sell the stock. On January 22, 2021, approximately 140 percent of GameStop's public float had been sold short, meaning some shorted shares had been re-lent and shorted again. Analysts at Goldman Sachs later noted that short interest exceeding 100 percent of a company's public had only occurred 15 times in the prior 10 years.
How much did Bitcoin increase in value?
In January 2021, a short squeeze of the stock of the American video game retailer GameStop ( NYSE : GME) and other securities took place , causing major financial consequences for certain hedge funds and large losses for short sellers. Approximately 140 percent of GameStop's public float had been sold short, and the rush to buy shares to cover those positions as the price rose caused it to rise even further. The short squeeze was initially and primarily triggered by users of the subreddit r/wallstreetbets, an Internet forum on the social news website Reddit, although a number of hedge funds also participated. At its height, on January 28, the short squeeze caused the retailer's stock price to reach a pre-market value of over US$ 500 per share, nearly 30 times the $17.25 valuation at the beginning of the month. The price of many other heavily shorted securities and cryptocurrencies also increased.
What is the price of GameStop in 2021?
In addition, the price of Bitcoin, the world's largest cryptocurrency, increased 20 percent in value to more than $37,000 after Elon Musk endorsed it in his Twitter bio, partially related to the surge in the GameStop share price by Reddit users. Robinhood then began limiting the trading on Dogecoin.
What happened to Robinhood?
As of January 28, 2021. [update] , 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). In pre-market trading hours the same day, it briefly hit over $500, up from $17.25 at the start of the month.
Who owns GameStop?
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.
GameStop
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".
Robinhood
Since January 2021, GameStop's stock price has seesawed. As of the close bell Friday, the share price was at $98.50, which is still more than what financial analysts say the company is worth.
WallStreetBets
When the GameStop stock frenzy exploded, trading app Robinhood was at the center of the chaos. It was used so much that the company had to stop trading shares of GameStop in order to meet regulatory requirements.
Meme stocks
On its FAQ page, subreddit r/WallStreetBets describes itself as a "community for making money and being amused while doing it." Users regularly roast themselves over their big stock market losses and their lack of knowledge.
