Shares of GameStop Corp rose higher on Tuesday, closing at its highest point since the end of January and pushing its market capitalization above $ 17 billion.
After GameStop dipped about 90% from the peak of the stock-buying frenzy in January, GameStop,
has skyrocketed by more than 108% over the past five trading sessions, including Tuesday’s 27% increase. Shares closed Tuesday’s regular session at $ 246.90, compared to a record $ 347.51 on Jan. 27, and were up a further 3% in the after-hours trading.
GameStop shares have risen more than 1,200% so far, and more than 5,700% over the past 12 months.
Shares began to rise again on Monday after GameStop announced a new strategy committee to identify ways to accelerate its transformation, led by activist investor and Chewy Inc. CHWY,
co-founder Ryan Cohen.
Late Tuesday, GameStop said it would report fourth-quarter earnings and fiscal year after the market closed on March 23rd.
Earlier in the day, the Senate Banking Committee began hearings on financial speculation and the easy trading practices of Robinhood and other zero-commission companies that, along with chats from Reddit forums, are helping the historic purchase of heavily shortened shares – such as GameStop. fueled it. and AMC Entertainment Holdings Inc. AMC,
– earlier this year.