Published , by Donovan Erskine
Published , by Donovan Erskine
If you thought the ongoing situation around GameStop’s (GME) stock was over, then think again. The stock was on fire today, soaring over 100 percent, and being halted twice in the process.
The market closed at 4 p.m. ET on February 24, and in the hour leading up to the closure, GameStop (GME) exploded. The stock shot up over 100%, ending the day at a valuation of $91.71. GME had seen a small rise throughout the day, catapulting after 3 p.m. ET. The sudden spike was enough to cause GameStop (GME) to be halted twice.
It’s also noteworthy that Reddit is down at the time that this article is being written. If you’re unaware of the relevance, Reddit is home to r/WallStreetBets, the subreddit community that’s been a driving force behind the GameStop (GME) stock’s volatility over the past several weeks. It’s likely that a high surge in traffic caused the website to temporarily crash.
The GameStop (GME) situation first blew up back in January when the stock hit an all-time high following a short squeeze. The fallout included Robinhood restricting users’ ability to trade, as well as legal hearings. We'll continue to update this story as new information becomes available.