Many mainstream media pundits and lesser educated game journalists have scoffed at the price action in GameStop's stock this year. They throw around terms like bubble, retail investors, and meme stocks, but we don't have time for that magumbo. What's going on with GME is a tug of war between longs and shorts, and it is not over yet. Today, GameStop shareholders were handed a huge win as the shares closed above $300/share for the third time in the company's history. To make matters even more poetic for the Reddit-fueled trade, today happens to be Keith "TheRoaringKitty" Gill's birthday. The famed investor has become quite a star of the meme rebellion, and currently has a $60 million stake in GameStop. Talk about a nice birthday present!
GameStop (GME) shares hit an intraday high of $344.66/share this morning, before giving up some of these massive gains. As things stood at 4:00 p.m. ET, GME closed at $300.20, it's third highest daily closing price ever. The current share price values the company at over $20 billion, which has many traditional investors scratching their heads.
GameStop is set to hold their Annual Shareholder Meeting tomorrow followed by a release of their most recent earnings report in the afternoon, so it seems likely that this volatility will continue tomorrow and maybe into the rest of the week. Last time the company reported their earnings results, shares tanked, but who can even tell what is going to happen next on this rollercoaster ride.
Noted GameStop investor Keith "TheRoaringKitty" Gill turned 35 years old today, and Reddit celebrated with another short squeeze. His massive GME stake sits right around $60 million, which is a pretty swell birthday gift.
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This article is only meant for educational purposes, and should not be taken as investment advice. Please consider your own investment time horizon, risk tolerance, and consult with a financial advisor before acting on this information.
Captain Business posted a new article, GameStop (GME) shares close near $300 for third time ever on TheRoaringKitty's birthday
Crazy this is still going on, guess it pays to have diamond hands.
How likely would it be for people to buy at the bottom and then sell at the top more than once with GME shares?