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Chris Smith
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- GameStop stock surged in premarket trading on Monday, topping $100. The stock was quick to surpass $150 as soon as trading started, more than double Friday’s $65 close.
- GME has been popular with retail investors for months, even though the stock was being shorted by most professionals in the business.
- The news that Chewy’s co-founder and former CEO Ryan Cohan has joined GameStop’s board further fueled online chatter, with investors on Reddit having focused on driving up GameStop stock for the past few days.
GameStop (GME) is the hottest stock right now, with a massive “army” of internet-driven retail investors taking advantage of an incredibly rare scenario that’s driving up the stock price. GME closed at $65 on Friday after reaching a high of almost $77 in intraday trading that was halted a few times. The figures are all the more impressive when you consider that trading started at around $42 on Friday morning, nearly $30 higher than the average price target of analysts. Monday premarket trading saw the stock soar past $100. GME quickly shot past $150, with many fans expecting it to reach new highs as the short squeeze continues.
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GameStop stock surges in epic Reddit-driven short squeeze originally appeared on BGR.com on Mon, 25 Jan 2021 at 11:04:57 EDT. Please see our terms for use of feeds.
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