GameStop spikes 104% in late-day surge as buying frenzy resumes

  • GameStop shares jumped 104% in the final hour of trading on Wednesday.
  • The sudden surge was met with multiple trading halts due to volatility.
  • GameStop was back in focus with news about the chief financial officer’s resignation.
  • Visit the Business section of Insider for more stories.

GameStop’s share price more than doubled in the final 30 minutes of trading on Wednesday as the buying frenzy that sent the stock skyrocketing in late January found renewed life.

The stock closed 104% higher, at $US91.71 ($116), following a period in which trading was halted multiple times because of volatility.

GameStop was in focus following the news on Tuesday of Jim Bell’s resignation as the chief financial officer. Sources told Insider on Wednesday that Bell was forced to resign by the company’s board as part of a push by the activist investor and new board member Ryan Cohen to reshape the ailing retailer.

Wednesday’s wild final 30 minutes were reminiscent of the Reddit-driven buying spree that engulfed the stock in late January, pushing it to a dizzying all-time high of $US483 ($610), up 2,464% year-to-date.

The day traders on Reddit had made it their express mission to squeeze short positions on GameStop stock, and their success resulted in massive losses for hedge funds and a congressional hearing.

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