Published , by Asif Khan
Published , by Asif Khan
GameStop's stock has experienced two trading halts this morning due to volatile trading of the shares. The stock hit an intraday high of $47.99/share shortly after the first trading resumed after the first halt at 9:36 a.m. EDT. The next halt came at 9:45 a.m. EDT as the stock rapidly fell. Shares of GME are currently trading around $45/share.
According to the NASDAQ trading halts website, GameStop shares were halted due to volatility. This is makes today's halts seemingly different than the recent stock trading halt on May 12, 2022 which were triggered by Limit Up Limit Down rules. Oddly enough, the NYSE claims that today's halts were triggered by the LULD rules in conflict with NASDAQ's reporting. With over 14 million shares traded today, GME shares are certainly seeing more volatile activity than in recent days. GameStop's stock has traded within a range of $40.75-47.99/share today and is currently up over 11% on the day.
Some investors believe that this is likely due to the news that came out over the weekend regarding the treatment of GameStop's stock split dividend. Regulators, brokers, and custodians have spent the better part of the week trying to explain how the split dividend was treated.
Traders will be keeping their eyes on GME's stock chart all week. Today's volume is the highest amount of shares traded since the stock split dividend took effect on July 22, 2022.
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.
Full Disclosure:
At the time of this article, Shacknews primary shareholder Asif A. Khan, his family members, or his company Virtue LLC had the following positions:
Long GameStop via GME shares
Long GameStop via GME call options