Search
Close this search box.
Blog » News » 110% Monday surge for GameStop stock

110% Monday surge for GameStop stock

110% Monday surge at GameStop

GameStop, the popular gaming and console empire, has seen shares rise by 110%.

This surge in the gaming company’s stock since the frenzies heights it hit during the Covid-19 pandemic.

GameStop Stock soars

The surge in investment in GameStop (GME) can be traced back to Keith Gill, who was instrumental in the initial stock gains during the pandemic.

Gill went by the nom de guerre “Roaring Kitty” when the value of GameStop stock reached an all-time high. In January 2021, the GME reached a 21-fold height before spectacularly crashing down.

Game Stop has announced job layoffs during poor fourth-quarter earnings reports in the past year, so the surge has come at a good time for the turbulent gaming outlet.

The stock’s recent display capped an eighteen-month peak at $38.20. Gill took to social media to post a figure of a hunched-over gamer, deep in focus—a call sign in the gaming community that the person in question has a razor-sharp and serious aura.

Chief market strategist at B Riley Wealth, Art Hogan, told Reuters that Gill “seems to be the most likely suspect for the renewed interest today… but I would be careful not to characterize the participants in this phenomenon as investors.”

According to seasoned market veterans, this surge will not be an identikit for the previous freak wave that captivated investors and spectators alike.

“It’s unlikely you’re going to see a repeat of meme stock mania for any sustained period of time because it was a point in time when you had a bunch of people stuck at home with free money, and that’s no longer the case,” Thomas Hayes, chairman at Great Hill Capital LLC said to Reuters.

It remains to be seen if the wave of support generated by Gill’s reappearance will cause a further flux in the fortunes of GameStop stock, but stranger things have happened in the much-maligned gaming franchise’s history.

Image: Ideogram.

 

About Due

Due makes it easier to retire on your terms. We give you a realistic view on exactly where you’re at financially so when you retire you know how much money you’ll get each month. Get started today.

Categories

Top Trending Posts

Due Fact-Checking Standards and Processes

To ensure we’re putting out the highest content standards, we sought out the help of certified financial experts and accredited individuals to verify our advice. We also rely on them for the most up to date information and data to make sure our in-depth research has the facts right, for today… Not yesterday. Our financial expert review board allows our readers to not only trust the information they are reading but to act on it as well. Most of our authors are CFP (Certified Financial Planners) or CRPC (Chartered Retirement Planning Counselor) certified and all have college degrees. Learn more about annuities, retirement advice and take the correct steps towards financial freedom and knowing exactly where you stand today. Learn everything about our top-notch financial expert reviews below… Learn More