Gamestop Stock Update As Reddit Investors Continue War With Wall Street
The retailer’s share price reached as high as $380 on Wednesday, up from $18 a few weeks ago. The stock value has risen a total of around 1,700 percent this month. Two major investment firms—Citron Research and Melvin Capital—that shorted the GameStop stock, betting the retailer’s share price would plummet, exited their positions on Wednesday, cutting their losses from the recent price surge. Just a week ago, Citron Research was reported to have described GameStop as a “failing mall-based retailer” and bet against it, predicting shares would fall to $20 because it is “pretty much in terminal decline....