(Reuters) – Frankfurt-listed shares of GameStop Corp on Thursday tripled on Thursday, overshadowing the surge in video game retailer Wall Street overnight as European retailers entered the new buying power.
GameStop shares rose 240% in pre-trading and rose 210% from 0741 GMT.
The boom comes after a few weeks that moved the stocks into a relatively tighter range.
“It’s a marathon, not a sprint. Whatever happens, resist the urge to sell. The longer we last, the higher it goes, ”said @ catchme1fyoucan, one user in Italy of the eToro retail platform, in a discussion on GameStop.
Analysts could not provide a single reason for the sharp move, but at least one ruled out a brief push that fired the ‘Reddit march’ in January when amateur investors piled up in stocks against which hedge funds were betting.
Some Twitter users mentioned factors, including options trading and the resignation of GameStop chief financial officer Jim Bell, which was announced Tuesday.
GameStop’s US listed shares rose nearly 104% on Wednesday and were halted several times in a rally that began after 1930 GMT. They jumped another 85% after hours.
German shares of cinema operator AMC Entertainment, another stock favored by individual traders in online discussion forums such as Reddit’s WallStreetBets last month, rose 41% after an 18% rise in its US shares on Wednesday.
Reporting by Sagarika Jaisinghani in Bengaluru and Danilo Masoni in Milan; edited by Subhranshu Sahu and Jason Neely