The answer can be found on the social media platform Reddit. The Reddit forum WallStreetBets was integral to the rise of GameStop stock. Though the group has been around for some time, it became more popular as the pandemic dragged on. People who were out of work, out of school, and under stay-at-home orders started dabbling in the stock market.
Why did the price of GameStop stocks jump so suddenly?
20 hours ago · That news sent meme stocks generally rising, but GameStop rocketed higher, which could be why it decided to use the time to announce a share split. Before it does that, though, it wants to vastly ...
Will GameStop stock keep rising?
Mar 15, 2022 · The company became a meme stock throughout the Covid-19 pandemic with certain traders taking an interest in it to boost up prices of shares. This resulted in these traders attempting to push out...
Why is GameStop stock going up?
Nov 02, 2021 · Shares of GameStop ( GME 30.72% ) were running 5.6% higher heading into noontime trading Monday despite the announcement the video game retailer's chief operating officer (COO) had quit just seven ...
Why did GameStop skyrocket?
The Reddit forum WallStreetBets was integral to the rise of GameStop stock. Though the group has been around for some time, it became more popular as the pandemic dragged on. People who were out of work, out of school, and under stay-at-home orders started dabbling in …
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What happened
Shares of GameStop ( GME -4.82% ) were running 5.6% higher heading into noontime trading Monday despite the announcement the video game retailer's chief operating officer (COO) had quit just seven months after taking the job.
So what
Companies strive for orderly executive transitions, and though a sudden departure of a chief executive officer or chief financial officer might be more worrisome, the loss of the COO isn't a minor transition.
NYSE: GME
According to a terse filing with the Securities and Exchange Commission, Jenna Owens left the company on Oct. 25 for unspecified reasons. Her responsibilities as COO and executive vice president are going to be assumed by others in the C-suite, so it does not seem like a replacement will be sought out at this time.
Now what
GameStop investors shrugged off the news, possibly because at this point it was old news, which is often why companies release potentially disruptive news on Friday evenings. It gives investors time to digest the report, or at best, forget about it by the time Monday rolls around.
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What is a citron short report?
Citron is best known for its “short reports”, which demonstrate through research and analysis that specific companies are likely to lose value.
Did hedge funds lose billions on GameStop?
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. ...
Did Robinhood force the sale of their shares?
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.
Will Robinhood lose members?
It is not yet clear how the events of late January will impact Robinhood, both in the short-term and the long-term. Certainly, it has lost the trust of many clients, and the platform is likely to lose members. Robinhood had planned an IPO for 2021, and prior to January, it was expected to be hugely successful.
Is Robinhood based on financial distress?
No. In an attempt to rehabilitate its image, Robinhood attempted to explain that the decision was strictly based on financial distress. The volume of trades exhausted Robinhood’s resources, and trading had to be restricted to stay in compliance with regulatory requirements.
How much did GameStop stock cost in 2020?
For the entire first half of 2020, its stock was trading for less than $10 a share, even as the pandemic led to a surge in the usage and popularity of video games. GameStop, in the early days of the pandemic, got a wave of bad press for declaring itself “essential,” and for one store reportedly ordering employees to return to work ...
Is GameStop a declining company?
For much of the last few years, GameStop has been seen as a declining brick-and-mortar retailer.
Who is Stephen Silver?
Stephen Silver, a technology writer for the National Interest, is a journalist, essayist and film critic, who is also a contributor to Philly Voice, Philadelphia Weekly, the Jewish Telegraphic Agency, Living Life Fearless, Backstage magazine, Broad Street Review and Splice Today.
About GameStop
GameStop Corp. engages in the retail of multichannel video games, consumer electronics, and wireless services. It operates through the following segments: United States, Canada, Australia, and Europe.
Headlines
Loopring Falls 76% — Buy the Dip Before GameStop Deal or Bail Out? - Nasdaq
GameStop (NYSE:GME) Frequently Asked Questions
4 Wall Street research analysts have issued "buy," "hold," and "sell" ratings for GameStop in the last twelve months. There are currently 4 sell ratings for the stock. The consensus among Wall Street research analysts is that investors should "sell" GameStop stock. View analyst ratings for GameStop or view top-rated stocks.
