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Thursday Jun 6 2024 11:15
5 min
GameStop shares rise 19% on Wednesday, notch 3-week high
GameStop shares surged again on Wednesday, rising 19.1% and notching their highest close in three weeks following a 5.4% decline on Tuesday.
The video game retailer's stock closed at $31.57, its highest level since May 15, 2024, when it finished at $39.55. GameStop shares have now risen in four of the last five trading sessions.
Last month, influential trader Keith Gill, known by the moniker Roaring Kitty on social media, ignited a new meme stock rally, leading to a sharp rise in both AMC Entertainment and GameStop shares, along with several other stocks.
GameStop and AMC were central to the original meme-stock frenzy in 2021, which brought Gill to prominence.
AMC shares also saw gains, closing up 7.5% on Wednesday after a 0.4% decline on Tuesday.
*/ Сalculate your hypothetical P/L (aggregated cost and charges) if you had opened a trade today. Market Shares Shares Index Commodity Bonds Crypto ETFs Currency Instrument Occidental Prosus N.V. Porsche AG Hermes CAT Thermo Fisher Nikola Corporation Tilray Shell plc (LSE) Skillz Inc Iberdrola DeltaAir CrowdStrike Holdings Golar LNG Applied Materials Snowflake Royal Bank Canada Amazon.com Spotify Exxon Mobil CCB (Asia) McDonald's Campari GameStop Netflix ON Semiconductor Costco Dave & Buster's Delivery Hero SE LUCID Continental SunPower Zoom Video Communications Schlumberger Virgin Galactic Upwork Inc. Cameco JP Morgan Fuelcell Rivian Automotive XPeng Inc Wal-Mart Stores Trade Desk Blackstone Vodafone Aptiv PLC L'Oreal Target Rio Tinto Sartorius AG British American Tobacco Qorvo ASOS Cisco Systems Nel ASA Arista Airbus Apple Pfizer AMC Entertainment Holdings ASML Hubspot Teladoc Starbucks SMCI Canopy Growth Wish.com Inc Lockheed Martin ProSiebenSat.1 IAG AbbVie Marston's Baidu Teleperformance Norwegian Air Shuttle Airbus Group SE HSBC HK Block Annaly Capital Abbott LVMH American Express Novavax GoPro Siemens Total SIG Pinterest Inc Taiwan Semi Etsy Amgen SONY 3D Systems UPS Yandex BlackBerry Gen Digital Inc Xiaomi Quanta Services Unity Software NVIDIA Anglo American Palantir Technologies Inc Fresnillo Deere Rolls-Royce Porsche Uber Vir Biotechnology American Airlines ROBLOX Corp Macy's FirstRand easyJet DISNEY Aurora Cannabis Inc BP Adidas Boeing Co Vonovia Coca-Cola Co (NYSE) Home Depot General Electric Coinbase Inc ALIBABA HK Philip Morris General Motors PayPal UniCredit II-VI BASF Kraft Heinz Alphabet (Google) Palo Alto Networks Evraz Plug Power Li Auto Oracle Roku Inc UiPath Inc Upstart Holdings Inc F5 Networks Infinera Inditex ZIM Integrated Shipping Services Ltd Deutsche Bank Hammerson IBM JD.com Barrick Gold TUI AG (LSE) Lemonade MerckCo USA Infosys Invesco Mortgage Comcast Santander Accenture Anheuser-Busch Inbev Visa Mastercard Ozon T-Mobile SAP Wayfair Beyond Meat Kuaishou CarMax Tesla Lyft Medtronic Adobe Morgan Stanley Workday Inc Blackrock Vipshop Meta (Formerly Facebook) Linde PLC Micron Lululemon Ceconomy Chipotle Gilead Avacta Naspers Bristol Myers Samsung The Cheesecake Factory Glencore plc British American Tobacco ChargePoint Holdings Inc Twilio Intel Lloyds CNOOC Electrolux Wells Fargo Sea PG&E Fedex Citigroup Peloton Interactive Inc. eBay Microsoft JnJ Bilibili Inc Trump Media & Technology Group AIA Nasdaq Air France-KLM Allianz Lithium Americas Corp Procter & Gamble Qualcomm AMD New Oriental MercadoLibre.com Mondelez Lumentum Holdings Two Harbors Investment aration AstraZeneca Norwegian Cruise Line Unilever GoHealth PepsiCo Barclays PETROCHINA Goldman Sachs Eli Lilly HSBC Cellnex Berkshire Hathaway Jumia Technologies HDFC Bank RTX Corp Bayer Bank of America Chevron ADT DoorDash Marriott Nike AT&T GSX Techedu Robinhood Telecom Italia Deliveroo Holdings TUI Freeport McMoRan Toyota BioNTech Airbnb Inc Alibaba Verizon Nio Eni Ford Hanesbrands Volkswagen UnitedHealth Shopify China Life Snap Christian Dior Conoco Phillips Lufthansa Tencent Moderna Inc Salesforce.com Broadcom Diageo Toro Cinemark Account Type Direction Quantity Amount must be equal or higher than Amount should be less than Amount should be a multiple of the minimum lots increment USD USD EUR GBP CAD AUD CHF ZAR MXN JPY $- Value $- Commission $- Spread - Leverage - Conversion Fee $- Required Margin $- Overnight Swaps $- Start Trading Past performance is not a reliable indicator of future results. All positions on instruments denominated in a currency that is different from your account currency, will be subject to a conversion fee at the position exit as well.Choose your points of movement
Social media posts hinting at Keith Gill's stake boost GameStop shares
GameStop shares saw another boost on Monday after a Reddit post from an account linked to Gill appeared to show him holding a substantial stake in the company. A follow-up screenshot on Monday appeared to confirm Gill’s position.
Several prominent media outlets, such as MarketWatch, could not verify the authenticity of these screenshots. Also on Monday, Gill posted a cryptic message on X, formerly known as Twitter, featuring a green “reverse” card from the card game Uno.
There appeared to be no fundamental reason for the sharp gains in GameStop shares — or any other similar stocks, such as AMC — when the meme stock rally came to life in mid-May, as per a comment from Markets.com Chief Market Analyst Neil Wilson:
“Short interest in GME stood at 24% before the fireworks, so we can assume a fair chunk of the move is short-covering action chasing the initial move up, plus some hedgies will have had calls on their shorts.
Trend following and momentum strategies may have helped. And it looks like retail investors are becoming more bullish again and willing to take on more risk. There is no fundamental reason for the move as such — GameStop’s last earnings report was abysmal”.
Gill’s trading activities under scrutiny from SEC, Massachusetts state
On Tuesday, a spokesperson for Massachusetts Secretary of State Bill Galvin told MarketWatch that the state's securities division is "looking into" Gill's trading activities.
The Wall Street Journal reported that the Securities and Exchange Commission is reviewing trading in GameStop call options around the time of Gill’s social media posts. However, it remains unclear if the SEC is specifically investigating Gill.
Gill has not responded to requests for comments on the Massachusetts investigation or the SEC’s reported review.
Rise in markets — and GameStop shares — fuels retail investor interest
With markets climbing again this year, trading firms like Charles Schwab and Robinhood Markets have reported an increase in new accounts and activity from retail investors —individuals not employed by investment houses or other private firms.
GameStop capitalized on this renewed interest last month by raising $933 million through a share sale.
However, this surge in activity has caused some concern within the financial industry and in Washington, which held hearings on the GameStop phenomenon in 2021.
In an interview last month with CNBC, former financial regulator Jay Clayton, who led the Securities and Exchange Commission under former President Donald Trump, likened the activity to gambling:
“It bothers me on many levels. It's a lot closer to gambling than it is to trading and it's certainly not investing. Is this something we should be tolerating in our markets? Whether it's legal or illegal, I don't think so”.
GameStop shares have risen 80.1% so far this year, while AMC Entertainment stock has dropped 15.9%. The S&P 500 index has gained 12.3% during the same period.
When considering shares, indices, forex (foreign exchange) and commodities for trading and price predictions, remember that trading CFDs involves a significant degree of risk and could result in capital loss.
Past performance is not indicative of any future results. This information is provided for informative purposes only and should not be construed to be investment advice.
![GameStop Shares Notch Highest Close in 3 Weeks | Markets.com (74) GameStop Shares Notch Highest Close in 3 Weeks | Markets.com (74)](https://i0.wp.com/web-cdn.markets.com/webinar_author_icon_031551ebeb.png)
Written by:
Georgy Istigechev
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