Shares in video-game retailer GameStop and other so-called meme stocks soard on Thursday as players bought in following a dip in the previous session.
- GameStop shares closed up 52.7% at $183.75, after rising as high as $187.50 late in the session.
- Company shares remained down 8.2% for the week so far, after a lackluster earnings report on Tuesday where the company said it was looking at the possibility of a share sale. Year-to-date, shares are up 875% but still shy of the record $483 recorded in late January.
- Investors are also monitoring efforts of billionaire investor and Chewy Inc. co-founder Ryan Cogen to transform the firm into an e-commerce company to take on Target and Walmart. Cohen was added as a director in January, along with two others.
- The company on Tuesday said it expects eight incumbent board members to retire at its 2021 annual meeting in June, but no nominations for replacements have been determined so far.
- GameStop has benefited from a push by retail investors to drive up prices of stocks they believe undervalued. Shares have been consistently noted on Reddit’s WallStreetBets.
- Shares in other meme stocks likewise surged — Koss Corp. closed up 57.1% at $28.50; and AMC Entertainment Holdings Inc. closed up 21.3% at $10.94.
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