The latest GameStop stock drop looks like the end of the line

When GameStop’s share price fell more than 50 percent on Tuesday to close at $ 90, we were not sure if it would pick up or keep falling. It seems we have our answer now, as GME is still 41 percent lower and closes at just $ 53.50 today.

That’s less than the shares sold the week before it embarked on a wild rollercoaster ride induced by Reddit retail investors, and an unprecedented social media frenzy. So it seems like we are not so much in a dive, but on the long, slow ride back to the beginning.

When I wrote about GameStop’s stock decline on Tuesday, the stock was 81 percent lower than its high of $ 483. Now it’s 89 percent lower than that peak. There was always the chance of a rally (and I think it’s still technical), but it seems like the meme is really over. If so, it’s a sad ending: anyone who bought the stock during the rush and has held it until now is in the red on GME.

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