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GameStop stock went through a few ups and downs on Thursday before ending at $ 108.73 a share, an 18% gain for the day. This comes after the shares jumped more than 100% on Wednesday.
The reason for the jump is still unclear, but this latest volatility in GameStop’s share price comes after news Tuesday that retailer Jim Bell’s chief financial officer resigned. Bell will resign at GameStop on March 26, the company said in a release. Diana Jajeh, the current senior vice president of GameStop, will serve as interim chief financial officer while the company is looking for a permanent replacement.
According to Business Insider, Bell did not leave the company willingly. He was allegedly ousted by the board for lack of confidence and an initiative to reform the company by Ryan Cohen, co-founder of Chewy, who made a major investment in the video game retailer last year.
Cohen tweeted a photo of an ice cream cone Wednesday. While this apparently has no significance, it came when GameStop’s inventory began to increase.
Hedge funds that take short positions in GameStop’s stock in the hope that it would decline in value may have been looking for aspirin. Short sellers lost $ 818 million on Wednesday against bets against the company, financial analytics firm Ortex said on Thursday.
GAMESTOP SHORT SELLERS ESTIMATED TO LOSE WEDNESDAY – $ 818m on their beer contests – ORTEX
– * Walter Bloomberg (@DeItaone) 25 February 2021
The the video game retailer sees the stock price skyrocket end of January thanks to a push through traders on the subreddit r / WallStreetBetsreached a high of about $ 480. continues to decline and loses much of its value.